South Korea crypto volume slips 19.56% in a week
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Combined trading volume across South Korea’s five largest crypto exchanges fell to roughly 20.5 trillion won, or about $15.1 billion, in the week ending Oct. 2, a 19.56% decline from the previous week, according to Crypto.news, citing data from Digital Asset. The drop removed about 5 trillion won, or roughly $3.7 billion, from activity over the seven-day window that ended at 2 p.m. Korea Standard Time on Oct. 2.
The figures cover Upbit, Bithumb, Coinone, Digital X and Gopax. Crypto.news reported that the source data did not tie the decline to any single cryptocurrency, exchange event or regulatory action, leaving the weekly numbers on their own unable to explain why traders pulled back.
A quiet week against a much weaker year
Crypto.news and Cointelegraph are describing two different measurements of the same soft market, and the distinction matters. The 19.56% decline is a private-sector snapshot covering one week and five platforms. The 44% and 78% declines come from the KoFIU and Financial Supervisory Service, which on Oct. 1 published their own first-half review of the domestic virtual asset market.
That regulatory review, first distributed by the Korea Financial Intelligence Unit and covered by Cointelegraph on Oct. 2, found that during the first six months of 2026 Korean crypto market capitalization fell 33% to a loss of 28.3 trillion won, won-denominated exchange deposits dropped 35%, and exchange revenue slid 41%. PANews carried the same survey details, noting the review spanned Jan. 1 to June 30 and covered 17 exchange operators plus nine custody and wallet providers.
Cointelegraph also reported that the weakness has run longer than a single half-year cycle. A separate Cointelegraph analysis in July found combined average daily volume across Upbit, Bithumb, Coinone, Korbit and Gopax had fallen about 89% year over year over comparable seven-day periods, while the KOSPI, South Korea’s benchmark stock index, had more than doubled over the 12 months to July 22. In May, the value of crypto held by South Korean investors fell 50.2% to 60.6 trillion won, or $41.4 billion, over roughly a year — a move that Korean outlet ChosunBiz linked to capital shifting toward equities.
Upbit stays first as rivals chip away
The exchange order did not change through Oct. 2. Upbit, Bithumb and the rest held the same ranks as the prior week, but the split beneath the surface shifted. Upbit’s 64.04% share was down 3.3 percentage points, and Bithumb’s gain of 1.893 points to 26.66% left the two platforms controlling more than 90% of the five-exchange market.
Coinone took third at 6.58%, an increase of 1.12 percentage points. Digital X, the former Korbit, reached 2.71% after adding 0.316 points, and Gopax stayed fifth at 0.02%. Crypto.news noted that Korbit’s service became Digital X from Sept. 16 following its move under Mirae Asset, with its corporate name changing on Aug. 11 and customer assets, trading history and account data carrying over unchanged.
Liquidity remains a concern at the thin end of the market. The KoFIU flagged the risk of sharp price moves in exchange-exclusive tokens, and Crypto.news reported that monthly turnover for won-based exchanges ran between 100% and 201%, compared with just 2% to 9% for coin-only platforms.
Why it matters
Falling volume feeds directly into the viability of the platforms Korean traders rely on. With revenue down 41% and operating profit down 78% in the first half, exchanges have less room to fund listings, compliance and security work at a moment when regulators are demanding more of all three. Thinner order books also mean retail buyers and sellers face wider spreads and sharper price swings, particularly in the exchange-exclusive tokens the KoFIU singled out. And the shift of household capital toward the KOSPI shows that the decline is not purely a crypto story — it is a reallocation of where Korean retail savers put their money.
What to watch
The next test is whether the Oct. 2 listings hold up in a softer market: Bithumb added Talus against the Korean won that day, and Upbit listed Dolphin across KRW, BTC and USDT pairs. Also pending is the rollout of the FSC’s August framework, which expands Korea’s travel rule to transfers of all sizes between registered VASPs and requires transfers of at least 10 million won to overseas providers or wallet operators to be reported to the KoFIU once the provisions take effect.
Frequently Asked Questions
How much did South Korea crypto trading volume fall in the week to Oct. 2?
Combined volume across Upbit, Bithumb, Coinone, Digital X and Gopax fell 19.56% week over week to roughly 20.5 trillion won, or about $15.1 billion, a drop of around 5 trillion won.
Did any exchange gain market share during the decline?
Yes. Upbit’s share slipped 3.3 percentage points to 64.04%, while Bithumb rose to 26.66%, Coinone to 6.58%, Digital X to 2.71% and Gopax to 0.02%.
What did the KoFIU first-half 2026 survey find?
The regulator surveyed 26 registered virtual asset service providers and found average daily exchange volume fell 44%, market capitalization dropped 33%, won deposits fell 35%, sales fell 41% and operating profit fell 78%.
Why do the exchange figures and the KoFIU data measure different things?
The weekly 19.56% slide is a private seven-day snapshot from Digital Asset, while the 44% and 78% declines come from the KoFIU’s six-month regulatory survey. The two reports use different windows and are not directly comparable.
Are South Korean crypto rules getting stricter?
Yes. The Financial Services Commission approved tighter VASP registration and anti-money laundering rules in August 2026, and the travel rule now applies to transfers of all sizes between registered VASPs.
Sources: crypto.news, Cointelegraph, PANews
