Upbit trading volume spikes 273% as South Korean investors re-enter crypto

Trading activity on South Korea's two largest crypto exchanges jumped sharply on Aug. 21, 2026, as a Bitcoin rally pulled local traders back toward digital assets. According to CoinGecko data cited by crypto.news, Upbit's volume rose 273% to about $1.84 billion, its highest daily trading volume since mid-March, while Bithumb's 24-hour volume climbed 132.9% to roughly $934.9 million. XRP accounted for $418.9 million of Upbit's transactions and ranked ahead of Bitcoin, USDT and Ether on the exchange, and it was also the most-traded cryptocurrency on Bithumb. The pickup follows months of weaker South Korean crypto activity, during which investors favored domestic equities as the KOSPI reached record levels.

Background

The sources describe a sharp reversal in South Korean crypto sentiment. Earlier in 2026, local crypto activity fell heavily as Bitcoin and other major cryptocurrencies remained under pressure while domestic stocks delivered stronger returns. In May, crypto.news reported that trading across Upbit, Bithumb, Coinone, Korbit and Gopax had dropped to only about 8% of KOSPI trading volume, based on data through May 26, placing crypto turnover at less than one-tenth of the benchmark equity market. That was a sharp reversal from late 2024, when domestic crypto exchanges at times generated trading volumes above the local stock market. Negative Bitcoin Korea Premium readings reported during May also showed weaker local demand compared with overseas markets. The slowdown showed up in exchange earnings: Upbit and Bithumb both reported operating revenue declines of roughly 50% during the first half of 2026, Upbit's net profit fell 74%, and Bithumb moved from a profit in the comparable period to a net loss. Much of the competing demand came from South Korean equities, with the KOSPI climbing to record highs as investors bought shares linked to the artificial intelligence memory boom, including Samsung Electronics and SK Hynix. Even after local stocks became more volatile from late June, Korean traders continued to focus heavily on the semiconductor trade, according to the report.

What happened

According to CoinGecko data on Aug. 21, cited by crypto.news, Upbit recorded its highest daily trading volume since mid-March, with volume rising 273% to about $1.84 billion. XRP accounted for $418.9 million of transactions on the exchange and ranked ahead of Bitcoin, USDT and Ether. Bithumb recorded a similar increase, with 24-hour volume climbing 132.9% to about $934.9 million, and XRP also ranked as the most-traded cryptocurrency there. The report ties the latest rise in Korean exchange volumes to a sharp Bitcoin rebound after the U.S. Treasury Department expanded its debt buyback program; the Treasury said on Aug. 19 that it would increase the size of liquidity-support buybacks for longer-dated nominal coupon securities by at least twofold. The source also notes that XRP's position at the top of both exchanges' volume rankings continues a pattern seen several times this year. During another surge in May, XRP led Upbit trading with more than $330 million in 24-hour volume, while Bitcoin recorded about $217 million and Ether roughly $109 million. That May increase came after Hana Financial Group announced that Hana Bank would acquire a 1 trillion won, or about $670 million, stake in Dunamu, Upbit's operator. Another May trading session saw XRP/KRW become Upbit's busiest market with about $110.9 million in volume, again ahead of Bitcoin and Ether. The source adds that recent institutional interest in the country's exchanges has continued despite weaker trading conditions: three Samsung affiliates agreed in May to acquire a combined 4% stake in Dunamu for about $408 million, with Samsung Securities set to take 2% and Samsung SDS and Samsung Card each acquiring 1%, purchasing around 1.39 million Dunamu shares from Kakao-linked entities. On the Bithumb side, Kiwoom Securities entered talks in June over a possible investment through newly issued shares, with the size and resulting ownership interest not finalized at the time.

Market impact

The headline figures are concentrated in exchange volumes. Upbit's trading volume rose 273% to about $1.84 billion, its highest daily volume since mid-March, while Bithumb's 24-hour volume climbed 132.9% to about $934.9 million, according to CoinGecko data on Aug. 21 cited by crypto.news. On Upbit, XRP accounted for $418.9 million of transactions and ranked ahead of Bitcoin, USDT and Ether; XRP was also the most-traded cryptocurrency on Bithumb. The source places the move against a much weaker backdrop earlier in the year: in May, trading across Upbit, Bithumb, Coinone, Korbit and Gopax had dropped to only about 8% of KOSPI trading volume, based on data through May 26. The report also cites prior XRP-led sessions for comparison: during a May surge, XRP led Upbit trading with more than $330 million in 24-hour volume, Bitcoin recorded about $217 million and Ether roughly $109 million, and another May session saw XRP/KRW become Upbit's busiest market with about $110.9 million in volume. On the institutional side, the source cites Hana Bank's announced 1 trillion won, or about $670 million, stake in Dunamu, and the Samsung affiliates' agreement to acquire a combined 4% stake in Dunamu for about $408 million. The source attributes the volume rise to a Bitcoin rebound after the U.S. Treasury's Aug. 19 announcement that it would increase liquidity-support buybacks for longer-dated nominal coupon securities by at least twofold. No price levels for Bitcoin or XRP are given in the sources.

Why it matters

The sources frame the volume spike as a potential shift in where South Korean retail attention is directed. For much of 2026, local investors favored domestic equities as the KOSPI reached record highs on the artificial intelligence memory boom, with shares including Samsung Electronics and SK Hynix drawing demand; crypto turnover fell to only about 8% of KOSPI trading volume in May. The consequence described in the sources was financial: Upbit and Bithumb both reported operating revenue declines of roughly 50% in the first half of 2026, Upbit's net profit fell 74%, and Bithumb moved from a profit to a net loss. A sustained return of trading volume would matter for those exchange economics. The sources also show that institutional interest in Korean exchanges continued despite weaker trading conditions, through Hana Bank's announced 1 trillion won stake in Dunamu and the Samsung affiliates' agreement to buy a combined 4% stake for about $408 million, plus Kiwoom Securities' June talks over a possible Bithumb investment. XRP's repeated position atop Upbit and Bithumb rankings, the sources note, has kept it closely tied to periods of heavier retail activity in South Korea.