Trading activity across South Korea’s five largest KRW-denominated crypto exchanges has contracted sharply over the past year, according to figures cited by Odaily and sourced from Cointelegraph. Based on comparable seven-day periods in July, combined average daily trading volume at Upbit, Bithumb, Coinone, Korbit and Gopax dropped from $2.82 billion to $305 million, a year-on-year decline of about 89%.
Using a simple unweighted average of each platform’s decline, the average drop in trading volume came to roughly 77%. Separate statistics also showed that daily trading volume across the five exchanges on July 20 was down 88% from a year earlier. Korbit, meanwhile, raised about $1 million by selling 15 BTC and 60 ETH.
The decline in crypto activity came as South Korea’s benchmark KOSPI stock index rose 114.44% over the 12 months through July 22, even after pulling back from its June high. Tiger Research said the slowdown in local crypto trading was not only a reflection of weaker prices, but also tied to repetitive narratives, insufficient delivery by some projects, and a shift by retail investors toward equities.
Trading activity at South Korea’s five largest KRW-based crypto exchanges has shrunk sharply over the past year.
Combined daily volume fell to $305 million
Based on comparable seven-day periods in July, average daily trading volume across Upbit, Bithumb, Coinone, Korbit and Gopax fell from $2.82 billion to $305 million, down about 89% year over year.
Using a simple unweighted average of the declines recorded by the five platforms, the average drop in trading volume was about 77%.
Separate statistics showed that daily trading volume across the five exchanges on July 20 was down 88% from a year earlier. Korbit also raised about $1 million by selling 15 BTC and 60 ETH.
KOSPI posted a 114.44% gain over 12 months
South Korea’s benchmark KOSPI index rose 114.44% over the 12 months through July 22, even after retreating from its June high.
Tiger Research said the drop in crypto trading activity did not reflect weaker prices alone. It also pointed to repetitive narratives, weak delivery by some projects, and a rotation by retail investors into stocks.
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