Odaily Planet Daily report: Trading activity on South Korea’s five major KRW crypto exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—has significantly contracted over the past year. Calculated over a comparable seven-day period in July, the combined daily trading volume across the five platforms dropped from $2.82 billion to $305 million, representing a year-over-year decline of approximately 89%.
Based on a simple unweighted average of the five platforms' declines, trading volume decreased by approximately 77%. Additional statistics show that the daily trading volume of the five major exchanges dropped by 88% year-over-year on July 20. Korbit raised approximately $1 million by selling 15 BTC and 60 ETH.
The KOSPI composite index rose 114.44% over the 12 months ending July 22, despite pulling back from its June high. Tiger Research noted that the decline in South Korea’s crypto trading activity reflects not only weaker prices but also narrative fatigue, partial project deliverables, and retail investors shifting toward stocks. (Cointelegraph)