Dual South Korean listings send Ethereum layer-2 token AZTEC surging 82%

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Dual South Korean listings send Ethereum layer-2 token AZTEC surging 82% Korean exchanges Upbit and Bithumb both added local currency pairs for the privacy-focused layer-2 token, triggering a sharp move in a thinly traded market. By Shaurya Malwa | Edited by Oliver Knight Feb 20, 2026, 11:42 a.m. Make us preferred on Google What to know : Aztec's token jumped about 82 percent to roughly $0.035 after South Korean exchanges Upbit and Bithumb listed it with won trading pairs, unleashing heavy KRW-denominated demand in a thin market. New KRW listings on major Korean platforms can rapidly reprice smaller tokens by opening direct access for an unusually active local retail base and triggering momentum-driven buying. The listing-driven spike in AZTEC widened the so-called kimchi premium before arbitrage trading narrowed the gap, while the project’s pitch as a privacy-focused Ethereum layer 2 gives it a narrative beyond the short-term surge. Aztec (AZTEC) surged about 82% in 24 hours to around $0.035 after South Korean exchanges Upbit and Bithumb both moved to list the token with local currency pairs, triggering a wave of KRW-denominated buying into a thinly traded market. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Korean listings still matter because they flip a token from being crypto-only to something a huge retail base can buy directly with local currency. South Korea consistently ranks among the top three countries by crypto trading volume relative to population, and Upbit alone regularly matches or exceeds Coinbase in daily spot turnover during active sessions. A KRW pair cuts out the extra hop through USDT, plugs into Korea's unusually active spot trading culture, and puts the token on the screens people in the region actually watch. And that kind of exposure can be transformative for smaller-cap tokens like AZTEC. Traders often treat new Upbit and Bithumb listings as momentum events, rushing in before liquidity deepens and before the initial premium fades. The pattern has played out repeatedly — tokens like VIRTUAL have printed double-digit moves on Korean listing announcements alone , regardless of what the underlying project was doing at the time. In thin books, that dynamic creates the kind of vertical candle AZTEC printed. Once prices gap higher locally, arbitrageurs step in, buying on global venues and selling into the Korean bid, which helps drag prices up across the board. The so-called "kimchi premium" — the persistent spread between Korean and international prices — tends to widen sharply during these episodes before narrowing as arb flow catches up. Aztec itself is pitched as an Ethereum-based, privacy-focused layer 2 that uses zero-knowledge proofs to enable encrypted transactions on a public chain. That gives the token a narrative beyond the listing event. The premium had narrowed slightly by the Asian evening session as arbitrage flow caught up and the surge showed signs of exhaustion. Korea Bithumb Upbit More For You Zoomex: Precise Systems of Fairness and Transparency by Design By CoinDesk Jan 31, 2026 Commissioned by Zoomex Read full story More For You Panic premium lingers in options even as bitcoin recovers from lows By Oliver Knight , Saksham Diwan | Edited by Sheldon Reback 8 minutes ago Bitcoin rebounded above $68,000 as ETF outflows hit $6.8 billion and funding flips positive. A break above $72,000 is needed to confirm a bullish shift. What to know : BTC has rallied from $65,60, but remains in a pattern of lower highs and lower lows. A price of $72,000 is the key level to signal a trend reversal. U.S. spot ETFs have shed 100,300 BTC ($6.8 billion), while open interest rises to $15.8 billion and funding rates turn positive, signaling stabilizing leverage. Short-term options show elevated “panic premium,” liquidations hit $179 million, and altcoins outperform as traders rotate during consolidation. 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