TL;DR
The South Korean exchange Upbit recorded a 273% jump in its 24-hour trading volume, according to recently published data from CoinGecko. The platform processed approximately $1.84 billion in transactions during the last session, the highest daily level since mid-March, closely tied to the Bitcoin rally.
The most traded asset was XRP, with $418.9 million in operations, followed by Bitcoin, USDT and Ethereum. Bithumb, the country’s second-largest exchange, also recorded a 132.9% increase in its volume, which reached $934.9 million in the same period.
The performance contrasts with a first half marked by the sustained deterioration of financial results at both platforms. The prolonged bear market that began in early 2026 diverted capital and interest toward the local stock exchange, particularly toward the KOSPI index, which reached all-time highs driven by the artificial intelligence boom in semiconductors and by companies such as Samsung Electronics and SK Hynix.
As a result, Upbit and Bithumb reported roughly 50% declines in their operating revenues in the first half of the year. Upbit’s net profit plunged 74%, while Bithumb swung from profits to net losses.
The negative trend began to reverse in recent weeks. The announcement by the U.S. Department of the Treasury regarding the expansion of its debt buyback program strengthened the appeal of digital assets and redirected part of the capital that had remained in equities.
Min Jung, associate researcher at Presto Research, argues that it is still premature to speak of a definitive rotation given that the move has lasted only two days. However, she noted that the Korean retail investor historically operates under a logic of “yield chasing” rather than loyalty to any single asset, meaning a rotational flow toward cryptocurrencies is likely if the rally is sustained.
Jung also highlighted that, when Korean capital enters the market in massive volumes, its impact on global prices tends to be disproportionate relative to its share of global volume. “Korean capital tends to follow a rally rather than start one,” Jung noted, “so the most likely path is that global momentum attracts Korean money, which then amplifies the move.”
