Daily trading volume has fallen by 88%, with the five major Korean exchanges totaling approximately 412.7 billion KRW

Odaily reports that the total daily trading volume of the five major Korean won-denominated virtual asset exchanges stands at approximately 412.7 billion KRW, down 88% from a year ago. The global total market capitalization of virtual assets has simultaneously shrunk by 41% to $2.322 trillion. Dunamu, a leading company in the Korean crypto industry, saw its first-quarter revenue and operating profit decline by 55% and 78% year-on-year, respectively. Smaller exchanges are facing even greater difficulties. Coinone, Korbit, and Gopax, which already recorded operating losses last year, are expected to continue losses this year. Korbit has sold off its holdings three times this year, disposing of 15 Bitcoin and 60 Ethereum within ten days this month, securing approximately 1.6 billion KRW in cash. A researcher from Tiger Research stated that the current situation can be viewed as a "second crypto winter," with the total crypto market capitalization significantly shrinking and almost no new projects in sight.