South Korea's Crypto Exchanges See 273% Surge in Trading Volume Amid Bitcoin Rally
South Korea's largest crypto exchanges have seen significant trading activity lately, with Upbit's volume rising by 273% to $1.84 billion in a single day.
This surge follows months of weaker activity across South Korea's crypto market, where investors had favored domestic equities over digital assets. The KOSPI, the country's benchmark equity market, reached record highs earlier this year due to strong demand for shares linked to the artificial intelligence memory boom.
XRP led trading on both Upbit and Bithumb, with $418.9 million of transactions recorded on Upbit alone. This is not the first time XRP has taken the top spot; it also led trading during a surge in May, when its 24-hour volume exceeded that of Bitcoin.
Presto Research associate researcher Min Jung said while two days of stronger activity does not necessarily indicate a sustained move from stocks to crypto, 'a much larger influx of capital into crypto' could occur if the rally continues. According to Jung, Korean retail investors tend to follow returns rather than be loyal to specific assets.