Upbit Records 1.15 Trillion Won in Single-Hour Crypto…

South Korean cryptocurrency exchange Upbit saw roughly 1.15 trillion won in trading volume during a single hour on Aug. 22, equivalent to about $830 million, as a sharp market reversal unleashed heavy activity among local traders. The burst started around 5:00 a.m. UTC, according to market data cited by Wu Blockchain. Upbit's 24-hour turnover subsequently climbed to approximately $3.82 billion, more than double the $1.84 billion recorded a day earlier.

XRP was by far the exchange's most-traded asset, making up 32.20% of the total. It was followed by the TRUMP memecoin at 10.93% and Tether's USDT at 8.39%. The concentrated trading coincided with a fast downward turn in global cryptocurrency prices. Bitcoin had risen from roughly $64,000 earlier in the week to near $79,500 before pulling back as traders took profits and leveraged bets were unwound.

Rebound after a weak period

The one-hour burst extends a clear revival in South Korean activity. Upbit's 24-hour volume had already jumped 273% on Aug. 21 to about $1.84 billion, the exchange's strongest daily reading since mid-March. XRP contributed roughly $418.9 million to that total, placing it ahead of Bitcoin, Tether and Ether. Bithumb, the country's second-largest exchange, also saw volume climb 132.9% to about $934.9 million, with XRP its most active token.

That marks a sharp recovery from recent subdued conditions. By late May, combined trading on the five major won-denominated exchanges had fallen to around 8% of KOSPI stock-market turnover as local investors favored domestic equities. In the first half of the year, volume across those platforms was down more than 54% year over year at about $367 billion. Upbit and Bithumb both suffered revenue declines near 50%, while Upbit's net profit fell 74%.

Still, the latest spike was not purely new inflows. About $523 million of leveraged positions were liquidated globally within one hour during the volatility, with long liquidations accounting for roughly $448 million, or about 86% of the total. Because trading volume counts repeated buying and selling of the same capital, the figures do not necessarily indicate fresh money entering cryptocurrencies. They do, however, highlight Korean retail preferences: XRP's 32.20% share points to a token that has long drawn unusually strong local demand, while TRUMP's second-place position shows continued appetite for highly speculative assets.