Upbit Sees Record $830 Million Trading Volume During Flash Crash
South Korea's largest cryptocurrency exchange, Upbit, processed an estimated 1.15 trillion won, or approximately $830 million, during a single hour of volatile trading on August 22.
The surge in activity occurred at 05:00 UTC and was driven by the broader market move, which saw Bitcoin, XRP, and other major cryptocurrencies record abrupt downward price wicks before recovering part of their losses.
XRP accounted for 32.20% of Upbit's measured volume during the surge, followed closely by TRUMP at 10.93%, while USDT represented 8.39%. The concentration illustrates Upbit's importance to XRP liquidity in South Korea.
The sharp increase in trading activity follows months of declining exchange volumes in South Korea, with trading across the country's five won-based exchanges falling 54.6% during the first half of 2026 compared to the previous year. However, Upbit has strengthened its domestic position, accounting for approximately 67.4% of trading across the five exchanges in July.
The rebound does not yet establish a sustained recovery, and attention will now turn to whether Upbit's activity remains elevated after the liquidation-driven turnover leaves the 24-hour calculation.