Upbit, South Korea’s largest cryptocurrency exchange, saw its 24-hour trading volume surge 273% to roughly $1.84 billion — its largest daily figure since mid-March — as South Korean investors began returning to digital assets, according to CoinGecko data.
XRP leads the rebound
XRP was the most-traded cryptocurrency on Upbit over the past 24 hours, with $418.9 million worth of trades, followed by bitcoin, USDT and ether. Bithumb, the country’s second-largest exchange, also posted a 132.9% rise in volume to $934.9 million, with XRP again the most-traded token.
From stocks back to crypto
The rebound follows a prolonged bear market that began in early 2026 and pushed South Korean capital toward the KOSPI stock index, which climbed to record highs on an AI memory boom at Samsung Electronics and SK Hynix. Upbit and Bithumb both reported roughly 50% drops in first-half operating revenue, with Upbit’s net profit down 74% and Bithumb swinging to a net loss.
Although the stock market entered a period of extreme volatility from late June, many South Korean investors had remained focused on the semiconductor rally. The latest bitcoin rally — fueled by the U.S. Treasury’s expanded debt-buyback announcement — is gradually pulling investor attention back to digital assets.
“Return-chasing,” not asset-loyal
“While it’s too early to call this a rotation given it’s only been two days, we’d expect a much larger influx of capital into crypto if the rally holds,” Min Jung, an associate researcher at Presto Research, told The Block. “KOSPI has already rallied hard this year while crypto lagged, so investors are starting to look at where the catch-up trade is.”
Jung said Korean retail has always been “return-chasing” rather than “asset-loyal,” and that a meaningful rotational flow into crypto is likely. “It’s somewhat chicken and egg, though,” Jung added. “Korean capital tends to follow a rally rather than start one, so the more likely path is that global momentum pulls Korean money in, which then amplifies the move.”
A sustained rally, Jung said, could draw a much larger pool of Korean capital back into digital assets. Bitcoin traded up about 8% at $78,554, with the wider crypto market up 7.2% on the day.
