South Korea Crypto Exchange Volume Drops Below KRW 10 Trillion, Lowest Since 2023
South Korea’s five largest cryptocurrency exchanges recorded a combined weekly trading volume of approximately KRW 9.9676 trillion for the week ending July 10, 2026, marking the first time total volume has fallen below KRW 10 trillion since September 2023. The drop extends a five-week decline that has seen trading activity shrink by 43.5% from early June levels.
The data, compiled by local analytics firm Digital Asset, covers the fiat-market exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax. The latest weekly figure of KRW 9.9676 trillion represents a 25.75% decline from the prior week’s KRW 13.4 trillion, continuing a downward trend that began in early June when weekly volume stood at KRW 17.7 trillion.
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Market Share Shifts Among Top Exchanges
Despite the overall decline in trading activity, the relative positions of the exchanges remained unchanged. Upbit retained its dominant position with a 63.02% market share, though this represented a 3.95 percentage point decrease from the previous week. Bithumb consolidated its second-place standing, gaining 2.38 percentage points to reach 29.51% of total volume. Coinone also saw an increase, rising 1.46 percentage points to 6.66%. Korbit and Gopax held 0.78% and 0.03% of the market, respectively.
The market share gains at Bithumb and Coinone suggest that while overall participation is declining, some traders may be consolidating activity on platforms offering specific incentives or trading pairs. However, the data reflects trading volume only and does not account for changes in cryptocurrency prices or net capital flows.
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What the Decline Signals for South Korea’s Crypto Market
The sustained drop in trading volume points to reduced retail participation, which has historically driven the bulk of activity on South Korean exchanges. The KRW 10 trillion threshold is notable as a psychological marker for market health; the last time volume fell below this level was during a period of low volatility and regulatory uncertainty in late 2023.
South Korea’s crypto market has often been characterized by high retail engagement and premium pricing, sometimes referred to as the “Kimchi Premium.” The current volume decline may reflect broader global market conditions, local regulatory developments, or a wait-and-see approach among investors following recent policy proposals, including new rules for crypto asset seizure.
Whether trading activity rebounds in the coming weeks will depend on a combination of global price trends, local regulatory clarity, and broader economic factors influencing investor sentiment in Asia’s fourth-largest economy.
Frequently Asked Questions
Which South Korean crypto exchanges are included in the trading volume data?
The data from Digital Asset covers the five major fiat-market exchanges: Upbit, Bithumb, Coinone, Korbit, and Gopax.
How much did trading volume drop from the previous week?
Weekly trading volume fell 25.75% from the prior week’s KRW 13.4 trillion to KRW 9.9676 trillion.
Did any exchange gain market share during the decline?
Yes, Bithumb increased its market share by 2.38 percentage points to 29.51%, and Coinone rose by 1.46 points to 6.66%, while Upbit’s share declined by 3.95 points to 63.02%.
