South Korea Crypto Volumes Plummet Amid Stock Market Surge

South Korea's major crypto exchanges have seen their trading activity fall sharply over the past year as the country's stock market surged, suggesting retail speculative interest may be shifting toward equities. The Korea Composite Stock Price Index (KOSPI) benchmark more than doubled over the period, while volumes across the country's largest won-based crypto platforms contracted.

Cointelegraph analyzed data from CoinGecko, reviewing 24-hour volume readings for Upbit, Bithumb, Coinone, Korbit, and Gopax in July 2025 and July 2026. The analysis found that average daily volumes fell by about 89%, to $305 million from $2.82 billion in comparable periods.

The decline in trading activity has led some platforms to sell their crypto holdings. Korbit, for example, raised about 1.6 billion won (about $1 million) by selling 15 Bitcoin and 60 Ether. South Korea is one of the most active retail markets for cryptocurrency, with exchanges relying heavily on trading fees.

A Tiger Research report published in April said that falling crypto activity reflects more than weaker prices. The report attributed investor fatigue to recycled narratives and projects that failed to deliver, while the KOSPI rally gave retail traders more places to pursue returns.