Trading on Upbit, South Korea’s largest crypto exchange, slowed again, with weekly volume falling 20.8% to 6.7 trillion won (approximately $4.9 billion) for the week ending November 8, 2026. Despite the decline, XRP led the platform’s trading activity, outpacing both Bitcoin and the USDT stablecoin.
Second double-digit drop in weeks
The decline follows another double-digit drop in the week ending October 18, 2026, when Upbit’s volume fell 15.5% to 8.35 trillion won (about $6.28 billion). Between mid-October and early November, weekly turnover decreased from 8.35 trillion won to 6.7 trillion won.
Daily volume on the exchange also fluctuated, ranging between approximately $340 million and more than $1.2 billion during the period. The research describes the recent movement as repeated fluctuations rather than a straight decline, tied to broader market conditions rather than anything specific to Upbit.
XRP maintains top spot
XRP ranked first in trading activity for the week, with Bitcoin second and USDT third. The research notes that XRP consistently ranks at the top on Upbit, crediting strong local retail interest in XRP within KRW-denominated trading pairs. It also found that XRP captured the largest share of activity during slower trading periods.
USDT’s third-place ranking is notable, consistent with what the research calls active rotation among traders, with some appearing to park capital in steadier assets during the pullback.
Regional slowdown
Upbit’s cooling is not isolated. Broader South Korean exchange volumes reportedly fell nearly 20% in recent weeks, indicating a general slowdown across the country’s crypto markets. That aligns with Upbit’s own 20.8% weekly drop, suggesting the largest venue is moving roughly in step with the local market rather than losing ground to competitors.
What it means for traders
The research suggests the drop in Upbit volume could reflect fading investor confidence or more risk-averse behavior as macroeconomic pressures build. Still, back-to-back declines of 15.5% and 20.8% are hard to dismiss as noise. For XRP, its persistent lead on Upbit indicates a committed base of local retail interest even as overall activity cools. The research raises the possibility that XRP may be acting as a protective hedge for traders seeking local favorites that hold momentum.
Several signals are worth watching in the weeks ahead: whether Upbit’s weekly volume stabilizes near current levels or continues to slide; whether XRP holds the top position if overall activity recovers; and USDT’s ranking. If stablecoin trading keeps climbing relative to riskier assets, it would reinforce the idea that Korean traders are waiting on the sidelines rather than rushing back in.
