Upbit Trading Volume Jumps 273% as South Korean Investors Flock Back to Crypto
South Korea's Upbit exchange saw its trading volume surge 273% to $1.84 billion in a single day, as investors return to crypto following a prolonged bear market.
This massive increase comes after a period of extreme volatility in the stock market from late June, which had many South Korean investors focused on the semiconductor rally led by Samsung Electronics and SK Hynix.
XRP was the most-traded token on Upbit over the past 24 hours, with $418.9 million worth of trades, followed closely by Bitcoin, USDT, and ether.
Min Jung, an associate researcher at Presto Research, expects a larger influx of capital into crypto if the rally holds, stating that Korean retail investors are 'return-chasing' rather than 'asset-loyal', meaning they follow rallies rather than investing in specific assets.