Upbit Volume Explodes 273% as Korean Traders Rush Back Into Crypto

Upbit’s 24-hour trading volume surged 273% to about $1.84 billion on Friday, marking its busiest session since mid-March as South Korean traders returned to crypto during Bitcoin’s latest rally.

XRP accounted for roughly $418.9 million of Upbit turnover, making it the exchange’s most-traded asset ahead of Bitcoin, USDT and Ether, according to CoinGecko data.

The rebound was not limited to Upbit. Bithumb, South Korea’s second-largest exchange, recorded about $934.9 million in 24-hour volume, up 132.9%, with XRP again leading trading.

Korean crypto volumes rebound sharply

The increase comes after an unusually quiet stretch for Korea’s crypto market. During the first three weeks of July, average daily turnover across Upbit, Bithumb, Coinone, Korbit and Gopax was just 597.8 billion won, or about $406.5 million, according to Yonhap. At the time, that represented only 1.59% of average KOSPI trading volume.

Upbit alone has now processed more than four times that five-exchange July daily average in a single 24-hour period.

South Korean investors had spent much of 2026 concentrating on domestic equities, particularly semiconductor stocks, while crypto exchange activity contracted. Upbit’s monthly volume fell from $51.5 billion in January to $30.1 billion in May.

Bitcoin rebound pulls traders back

The pickup coincided with Bitcoin breaking above $77,000 after weeks of weaker trading. The move extended a sharp Bitcoin rally that has also produced billions of dollars in short liquidations and renewed inflows into U.S. spot Bitcoin ETFs.

Friday’s numbers suggest that gap can close quickly when crypto prices accelerate, but two days of heavier activity are not enough to establish a sustained rotation out of stocks.

The composition of trading is also notable. XRP, rather than Bitcoin, led both major Korean exchanges, continuing a longstanding pattern in which Korean retail activity can concentrate heavily in large-cap altcoins during periods of rising market participation.

Whether the rebound lasts will depend partly on whether Bitcoin can hold its recent gains. For now, the scale of the jump has pushed Upbit activity back to levels not seen for roughly five months.