A Daum report, cited by ChainCatcher, analyzed public APIs from South Korea’s five major won-denominated crypto exchanges — Upbit, Bithumb, Coinone, Korbit and GOPAX — along with CoinGecko data, and found a high concentration of assets with limited market access. After removing duplicates, the five exchanges were shown to support about 606 crypto assets in total. Of those, 164 assets, or 27.1%, were available for trading on only one exchange. Another 324 assets, or 53.5%, were listed on no more than two exchanges.
Among assets traded on just one platform, Coinone had the largest number at 55, followed by Bithumb with 54, GOPAX with 25, Upbit with 16 and Korbit with 14. Liquidity was also thin: the median 24-hour trading volume for those 164 assets was about 1.37 million won. Within that group, 79 assets posted less than 1 million won in turnover over the past 24 hours, while 38 recorded zero trading volume.
The analysis said a single-exchange listing does not by itself mean an asset is risky. If the token is actively traded on overseas exchanges or supports smooth withdrawals, investors may still have alternative exit routes. But for assets with weak offshore volume and limited deposit and withdrawal networks, the end of trading support could leave holders struggling both to sell and to move funds.
ChainCatcher, citing South Korean media outlet Daum, reported that an analysis of public APIs from the country’s five major KRW-denominated exchanges — Upbit, Bithumb, Coinone, Korbit and GOPAX — together with CoinGecko data found that the five venues support about 606 crypto assets after duplicate listings are removed.
Of that total, 164 assets, or 27.1%, are traded on only one exchange. Another 324 assets, or 53.5%, are traded on no more than two exchanges.
Among assets listed on a single exchange, Coinone had the highest count with 55. Bithumb followed with 54, GOPAX had 25, Upbit had 16 and Korbit had 14.
Liquidity data showed that the median 24-hour trading volume for those 164 assets was only about 1.37 million won. Within that group, 79 assets recorded less than 1 million won in trading volume over the past 24 hours, while 38 saw no trading at all.
The analysis said that being listed on only one exchange does not automatically mean an asset is risky. If the asset is actively traded on overseas exchanges or allows smooth withdrawals, investors may still have other ways to exit.
But for assets with low trading volume on overseas exchanges and restricted deposit and withdrawal networks, the termination of exchange support could leave investors facing difficulty both in selling and in transferring their holdings.
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