DigitalToday: Changes in South Korea's Virtual Asset Exchange Landscape, Upbit's Concentration Eases

Odaily News In the South Korean virtual asset exchange market, the concentration of Upbit, which has long held a dominant position, showed some easing in the fourth quarter of 2025, with Bithumb's market share increasing relatively. According to CoinGecko data, the total trading volume of South Korea's top five KRW-based exchanges in Q4 2025 was approximately $277.9 billion. Among them, Upbit's trading volume was about $180.7 billion, accounting for 65.0%, lower than the nearly 80% level at the end of 2024. Bithumb's trading volume during the same period was about $86.5 billion, accounting for 31.1%, showing a significant increase compared to before.

The report stated that the trading share of other exchanges remains low, with the combined market share of Coinone, Korbit, and Gopax being less than 4%. Against this backdrop, competition among South Korean exchanges is gradually shifting from being fee and event-oriented to focusing on brand and market promotion. Industry insiders noted that in a situation where liquidity is highly concentrated on leading platforms, large-scale marketing primarily serves to maintain traffic and trading volume, while the overall market structure remains dominated by top-tier exchanges. (DigitalToday)