Upbit has solidified its position as South Korea's leading cryptocurrency exchange, recording approximately $1.04 billion in spot trading volume over a 24-hour period. The figure exceeds the combined turnover of the country's three next-largest exchanges.
Bithumb, the second-largest venue, processed around $632.6 million in volume, while Coinone handled approximately $67.9 million and Digital X (formerly Korbit) registered close to $11 million during the same window.
Market Recovery Drives Volume Spike
The surge in trading activity follows bitcoin's climb past $80,000 in late August, marking its first time reaching that level since mid-May. The price movement has encouraged Korean retail investors to increase their participation on local exchanges.
Upbit's daily turnover reached 4.61 trillion won by mid-August, nearly ten times higher than levels from a week prior. Prior to the rally, the exchange had been recording daily volumes between 300 billion and 600 billion won. Bithumb similarly cleared 2 trillion won during the same period.
Exchange Competitive Pressures
Smaller exchanges have responded to the renewed market activity by eliminating trading fees to attract users. Coinone eliminated trading fees on all listed coins, while Digital X extended zero-fee trading through August 2027.
Digital X's average hourly trading volume increased 36 times following the fee change, though 87 percent of this increase came from trading a single stablecoin, RLUSD, distributed during a special event. Coinone saw its hourly volume triple to 8.2 billion won after going fee-free, though activity subsequently returned to normal levels.
Upbit and Bithumb have taken a more selective approach, waiving fees only on certain assets. Upbit eliminated charges on stablecoins including Tether beginning July 26.
Industry Financial Performance
Korea's top four crypto exchanges lost a combined 500 billion won in the first half of 2026, as falling cryptocurrency prices and reduced trading activity impacted revenue. Trading fees represent the primary income source for these platforms, comprising 96.91 percent of Dunamu's first-half revenue, which declined by half compared to the previous year.
Dunamu's operating profit fell 79.7 percent year-on-year during the period, while Bithumb's dropped 83.4 percent. Trading volumes across Korean exchanges declined 54.6 percent from the prior year to $366.58 billion.
