Daily trading volume of South Korea's top five crypto exchanges drops 89% year-on-year to $305 million

Odaily reports that the trading activity of South Korea's five major Korean won-denominated crypto platforms—Upbit, Bithumb, Coinone, Korbit, and Gopax—has significantly contracted over the past year. Based on a comparable seven-day period in July, the average daily trading volume across the five platforms decreased from $2.82 billion to $305 million, a year-on-year decline of approximately 89%. 

Calculated using a simple, unweighted average of the declines across the five platforms, the average drop in trading volume was about 77%. Another statistic shows that on July 20, the daily trading volume of the five major exchanges fell by 88% year-on-year. Korbit raised approximately $1 million by selling 15 BTC and 60 ETH. 

The Korea Composite Stock Price Index (KOSPI) rose 114.44% over the 12 months ending July 22, even after retreating from its June highs. Tiger Research stated that the decline in crypto trading activity in South Korea not only reflects weaker prices but is also related to narrative repetition, partial project delivery failures, and retail investors shifting to stocks. (Cointelegraph)