Upbit, South Korea's largest cryptocurrency exchange, processed approximately $1.84 billion in 24-hour trading volume, a 273% surge that marks its highest daily volume since mid-March, according to CoinGecko data. XRP was the most-traded asset on the platform, accounting for $418.9 million in transactions, followed by Bitcoin, USDT and Ether.
Bithumb, the country's second-largest exchange, recorded a 132.9% increase to roughly $934.9 million, with XRP also ranking first in turnover. The rebound follows months of weak local crypto activity, as South Korean investors favored domestic equities tied to the AI memory boom; Upbit and Bithumb both reported operating revenue declines of about 50% in H1 2026, while Upbit's net profit fell 74% and Bithumb turned to a net loss.
The pickup coincided with Bitcoin's rally after the U.S. Treasury Department said it would at least double its liquidity-support buybacks for longer-dated nominal coupon securities. Bitcoin rose about 8.3% to trade above $78,000 at publication, while the broader crypto market gained around 7.2%.
Min Jung, associate researcher at Presto Research, said two days of stronger activity was not enough to confirm a sustained rotation from stocks to crypto, but 'we'd expect a much larger influx of capital into crypto if the rally holds.' Jung described Korean retail investors as 'return-chasing' rather than 'asset-loyal,' noting that Korean capital tends to follow global momentum and can then amplify price moves.
