South Korea Crypto Volume Drops 20% to $15.1 Billion

Trading volume across South Korea's five major cryptocurrency exchanges fell 19.56% week-over-week to roughly 20.5 trillion won ($15.1 billion) for the seven-day period ending Oct. 2, according to data reported by Digital Asset. The decline erased approximately five trillion won, or $3.7 billion, in weekly turnover across Upbit, Bithumb, Coinone, Digital X, and Gopax.

The pullback occurred without a single identified market catalyst or regulatory trigger, though it extends a broader cooling trend seen across the South Korean virtual asset sector in 2026.

Upbit Market Share Declines as Competitors Gain

Upbit remained the market leader during the seven-day window, capturing 64.04% of all trading volume among the five platforms. However, its market share fell by 3.3 percentage points from the prior week.

Competitors absorbed the difference, led by Bithumb, which increased its share by 1.89 percentage points to 26.66%. Together, Upbit and Bithumb accounted for more than 90% of total trading activity. Coinone took third place with a 6.58% share, while Digital X—formerly Korbit, following its acquisition by Mirae Asset Group and rebranding in September—accounted for 2.71%. Gopax remained fifth with 0.02% of the market.

Regulators Report First-Half Contraction

The weekly downturn aligns with broader official data published on Oct. 1 by the Korea Financial Intelligence Unit and the Financial Supervisory Service. Regulators reported that average daily trading volume at domestic virtual asset exchanges dropped 44% during the first half of 2026 compared with the previous six months.

The official survey of 26 registered virtual asset service providers revealed that South Korea's total crypto market capitalization declined by 33% to 28.3 trillion won during the first half, while Korean-won exchange deposits decreased by 35%. Lower activity squeezed industry earnings, driving a 41% decline in exchange revenue and a 78% drop in operating profit over the six-month period.

Key facts

• Five Korean exchanges generated 20.5 trillion won ($15.1 billion) in weekly trading volume, down 19.56% week-over-week.
• Upbit's market share slipped 3.3 percentage points to 64.04%, while Bithumb expanded to 26.66%.
• Digital X, formerly Korbit, secured 2.71% of weekly volume following its acquisition by Mirae Asset.
• KoFIU data showed domestic crypto market capitalization dropped 33% in the first half of 2026.