Summary
- Upbit trading volume jumped 273% to $1.84 billion as XRP became the most-traded cryptocurrency among returning South Korean investors.
- Korean investors previously favored booming semiconductor stocks, contributing to falling exchange revenues and weaker profitability across Upbit and Bithumb platforms.
- Bitcoin’s rally could attract greater Korean capital into crypto, while increased retail participation may amplify existing global cryptocurrency market momentum.
South Korean crypto exchange Upbit recorded a 273% surge in 24-hour trading volume as local investors returned to digital assets. Trading activity reached $1.84 billion, marking the exchange’s highest daily level since mid-March.
CoinGecko data shows XRP generated $418.9 million in volume, making it the most-traded cryptocurrency on Upbit. Bitcoin, USDT, and Ethereum followed as traders increased exposure across the recovering cryptocurrency market.
Bithumb also recorded stronger participation, with its 24-hour trading volume increasing 132.9% to approximately $934.9 million. Moreover, XRP ranked as Bithumb’s most-traded cryptocurrency, highlighting considerable demand for the token among South Korean traders.
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Korean Investors Turn Back to Crypto as Bitcoin Rallies
South Korea’s cryptocurrency market struggled for investor attention during the prolonged downturn that began earlier in 2026. Meanwhile, local investors increasingly moved toward equities as the country’s stock market delivered stronger returns.
The KOSPI climbed to record levels as artificial intelligence demand supported major semiconductor companies. Samsung Electronics and SK Hynix attracted significant interest through growing demand for AI-related memory products.
Consequently, weaker cryptocurrency activity affected South Korea’s largest exchanges during the first half of 2026. Upbit and Bithumb both recorded operating revenue declines of roughly 50% during the period.
Upbit’s net profit also fell 74%, reflecting reduced trading activity across its platform. Meanwhile, Bithumb moved from profitability into a net loss.
However, Bitcoin’s rally has started redirecting investor attention toward digital assets. Bitcoin gained more than 8% over 24 hours, trading around $78,554.
Additionally, the broader cryptocurrency market rose approximately 7.2%, supporting increased participation across South Korean trading platforms.
Korean Capital Could Amplify the Crypto Rally
Presto Research associate researcher Min Jung described Korean retail investors as return-driven rather than loyal to particular asset classes. Jung believes sustained cryptocurrency gains could attract substantially greater capital from local investors.
Korean traders generally enter markets once stronger returns have already emerged rather than initiating major rallies. Therefore, global crypto momentum could encourage additional capital to shift from equities toward digital assets.
Moreover, Korean trading flows have historically influenced cryptocurrency prices beyond their overall share of global trading volume. Greater participation could strengthen existing momentum as more retail investors increase their cryptocurrency exposure.
Upbit’s 273% volume surge provides a significant indication that Korean investors are reconsidering digital assets. XRP’s dominance across Upbit and Bithumb also shows that renewed demand extends beyond Bitcoin during the broader market recovery.
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