South Korea Crypto Market Sees 15% Weekly Decline Amid Cooling Activity
Key Summary
Upbit, South Korea's largest crypto exchange, reported a 15.5% weekly volume drop to 8.35 trillion won, with XRP outpacing Bitcoin and USDT as Korean traders favored the token. The decline marks a cooling after stronger periods earlier in the autumn, with XRP leading the way as the most-traded asset. Lower volume typically means thinner order books, which can amplify price moves when larger orders reach a thin market.
Precedent & Market Context
Upbit's recent decline is part of a broader trend of cooling activity in the South Korean crypto market. This has been observed in the preceding week, where major South Korean platforms showed a steeper collective drop of nearly 20% in trading volume. The slowdown was not isolated to Upbit, with daily snapshots showing the exchange's 24-hour volumes swinging between roughly $340 million and more than $1.2 billion. This volatility is a characteristic of the South Korean market, where traders are known for their aggressive trading style.
Main Event
Upbit's weekly trading volume fell to 8.35 trillion won (~$6.28 billion), according to Upbit DataLab. The decline covers the week ending October 18, 2026. The data shows XRP finishing as the week's most-traded asset, outpacing both Bitcoin and the stablecoin USDT. Korean retail traders have long favored XRP on won-denominated pairs, and this week's data reinforces that pattern.
Analysis & Market Impact
The decline in trading volume typically means thinner order books, which can amplify price moves when larger orders reach a thin market. This can have a significant impact on the price of cryptocurrencies, particularly those with lower liquidity. In this case, XRP's top ranking on Upbit's weekly trading volume suggests that Korean traders are favoring the token over Bitcoin and USDT. This shift in sentiment could have implications for the price of XRP and other cryptocurrencies in the market.
Implications & Outlook
Looking ahead, market participants will monitor whether weekly volumes stabilize near the 8.35 trillion won level or continue to slide. They will also watch whether XRP keeps its top ranking in the next reporting window. The data suggests that the South Korean market is experiencing a cooling trend, and traders should be cautious of further declines in trading volume. However, the fact that XRP is leading the way as the most-traded asset suggests that there may still be opportunities for traders to profit from the market.
Upbit's weekly trading volume fell to 8.35 trillion won (~$6.28 billion), a 15.5% decline from the previous week. XRP finished as the week's most-traded asset, outpacing both Bitcoin and USDT.