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Upbit, South Korea's largest crypto exchange, processed roughly $1.84 billion in 24-hour trading volume as of Tuesday, a 273% surge that marks its largest single-day print since mid-March. Bithumb, the country's No. 2 venue, saw volume climb 132.9% to $934.9 million. XRP led activity on both books with $418.9 million in trades on Upbit, followed by Bitcoin, USDT and Ether, as BTC pushed 8.28% higher to $78,554.
Why it matters
The bounce lands after a brutal H1 for Korean exchanges. Upbit and Bithumb each posted roughly 50% drops in operating revenue for the first half of the year; Upbit's net profit fell 74%, while Bithumb swung from profit to a net loss. Capital rotated instead into the KOSPI, where Samsung Electronics and SK Hynix rode an AI memory boom to record highs. This week's volume print is the first credible signal that rotation may be unwinding.
Market impact
Presto Research associate Min Jung framed the flow as return-chasing, not asset-loyal. Korean retail historically follows rallies rather than starts them, so if the broader move holds, Jung expects materially more capital to migrate out of semiconductors and back into digital assets. Korean flows have historically amplified global price moves beyond their share of volume, which is the structural read on today's spike, not the headline number.
Frequently asked questions
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How much did Upbit's trading volume jump in a single day?
Upbit's 24-hour volume surged 273% to roughly $1.84 billion, its largest single-day print since mid-March. Bithumb also gained 132.9% to $934.9 million over the same window.
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Which cryptocurrency was most-traded on Korean exchanges during the spike?
XRP led activity on both Upbit and Bithumb, with $418.9 million in trades on Upbit alone. Bitcoin, USDT and Ether rounded out the top four on the Upbit order book.
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Why did South Korean crypto volumes collapse in the first half of 2026?
Capital rotated into the KOSPI's record-setting semiconductor rally, driven by Samsung Electronics and SK Hynix on the AI memory boom. Upbit and Bithumb each posted roughly 50% drops in H1 operating revenue, with Upbit's net profit falling 74% and Bithumb swinging to a net loss.
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What does Presto Research expect from Korean retail going forward?
Associate researcher Min Jung called Korean retail 'return-chasing, not asset-loyal' and expects a materially larger capital rotation into crypto if the rally holds. Jung noted Korean flows have historically amplified global price moves beyond their share of volume.
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What fueled the Bitcoin rebound that drew Korean retail back in?
The U.S. Treasury Department's expanded debt buyback announcement helped reignite Bitcoin and the broader crypto market. Bitcoin pushed 8.28% higher to $78,554, with the wider market up 7.2% over the same 24-hour window.
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