Upbit Trading Volume Jumps 273% as Bitcoin Rally Revives…

Trading volumes on South Korea's largest cryptocurrency exchanges surged over the past 24 hours as Bitcoin's latest rally pulled retail participants back into digital assets after months of weak activity.

Upbit processed about $1.84 billion in transactions, up 273% and its highest daily volume since mid-March, according to CoinGecko. Bithumb, the country's second-largest exchange, handled roughly $934.9 million, a 132.9% increase. XRP was the most-traded asset on both platforms, with $418.9 million changing hands on Upbit, followed by Bitcoin, USDT and Ether.

The rebound follows a prolonged slump in South Korea's crypto market. Digital asset prices struggled through much of 2026, while domestic investors found stronger returns in equities, especially semiconductor stocks tied to the AI memory boom. Samsung Electronics and SK Hynix helped drive the KOSPI to record highs earlier this year, drawing capital away from crypto.

That shift weighed on exchange earnings. Upbit and Bithumb each reported operating revenue declines of roughly 50% in the first half of 2026. Upbit's net profit fell 74%, while Bithumb swung to a net loss.

The latest catalyst is a broad crypto rally. Bitcoin rose about 7.2% in the latest 24-hour period to around $77,400, and the wider market gained about 7%. Traders tied the move to the U.S. Treasury Department's expanded debt buyback announcement and expectations of improving liquidity.

Min Jung, associate researcher at Presto Research, said it is too early to call a rotation given only two days of strength, but a sustained rally could bring much larger inflows. "Korean capital tends to follow a rally rather than start one," he said, describing local retail investors as "return-chasing" rather than "asset-loyal."

XRP's leading position on both exchanges is notable because Korean traders have historically favored altcoins. The durability of this rebound will depend on whether volumes stay elevated, which would suggest fresh capital is returning to crypto rather than traders simply reacting to a two-day price move.