South Korean cryptocurrency traders are returning to the market as Bitcoin climbs to a three-month high of $79,500. Major local exchanges have reported significant jumps in trading activity after months of weaker volumes.
Upbit and Bithumb Lead Volume Surge
South Korea’s largest crypto exchange, Upbit, recorded a 273% increase in its 24-hour trading volume, reaching $1.84 billion. This marks Upbit's highest single-day trading volume since mid-March, outpacing global volume trends over the same trailing 24-hour window.
Meanwhile, the country's second-largest exchange, Bithumb, saw its trading volume rise 132.9% to $934.9 million. Combined, the two exchanges handled nearly $3 billion in Korean Won trading volume over a 24-hour period, coinciding with a global crypto market recovery that brought the total market capitalization to approximately $2.65 trillion.
Shift From Stocks to Crypto
Earlier in the year, strong gains in the KOSPI index, along with performances by Samsung and SK Hynix, drew investors toward domestic stocks while crypto trading slowed. As Bitcoin posted a 26% weekly gain and the KOSPI pulled back from recent highs, market participants shifted their focus back toward digital assets.
Additionally, a recent market drop resulted in more than $1.7 billion in liquidated leveraged positions, creating potential buying opportunities. This strong buying activity also revived the Kimchi Premium, with certain crypto assets trading 1.8% to 2.4% higher on Upbit and Bithumb compared to global platforms like Coinbase and Binance.
Altcoin Activity and Preferences
The surge extended beyond Bitcoin. XRP led activity on Upbit with $418.9 million in volume, ranking ahead of Bitcoin, USDT, and Ethereum. Bithumb traders demonstrated high interest in Layer-1 and AI-related tokens, reflecting a broader return to high-momentum altcoins, newly listed tokens, and riskier assets among South Korean investors.
