Asian Crypto Traders Propel Recent Surge in Crypto Trading Volume


Exploring the Role of South Korean Traders in the Crypto Boom and the Emergence of Unique Market Trends

  • South Korean crypto traders, particularly Upbit users, have significantly increased their market share from 5.2% in January to a notable 12.9% in November, shaping the global crypto trading landscape.
  • The surge in altcoin trading, notably with tokens like Solana and Avalanche, is propelled by South Korean traders who lack access to a futures market, resulting in higher trading volumes compared to traditional investment assets.
  • Distinctive trends, such as the “Kimchi premium,” showcase South Korea’s unique crypto market dynamics, while Bithumb’s plan for a 2025 IPO signals a strategic move to challenge Upbit’s market dominance, marking a historic development in the Korean crypto exchange landscape.

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The recent surge in crypto trading volume is significantly linked to the active participation of Asian crypto traders, notably those from South Korea. This surge has played a pivotal role in shaping the landscape of the digital asset market.

South Korean traders, in particular, have emerged as key players, exerting a substantial influence on the direction and momentum of cryptocurrency transactions. As we delve into the intricate dynamics of this surge, it becomes evident that South Korea’s impact is both notable and transformative, reflecting a growing trend in the crypto space.

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South Korean Influence on Crypto Trading

The market share of South Korean exchanges has experienced a remarkable ascent, as reported by CCData. In January, these exchanges held a modest 5.2% of the market, but by November, this figure surged to a noteworthy 12.9%. Within this surge, Upbit stands out as a major contributor, playing a substantial role in the heightened presence of South Korean platforms on the global stage.

Amidst the surge, a pronounced trend has emerged in the form of increased altcoin trading. South Korean traders, lacking access to a futures market, have redirected their focus towards smaller tokens such as Solana and Avalanche. CryptoQuant’s insights reveal that this shift has led to higher trading volumes in the altcoin segment compared to traditional investment assets, further underlining the unique influence of South Korean traders in shaping the crypto market.

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Unique Trends in South Korean Crypto Trading

One distinctive phenomenon in South Korean crypto trading is the “Kimchi premium,” exemplified by the recent performance of Solana. This premium signifies elevated local prices and heightened trading interest within South Korea, surpassing the global average. These localized trading trends underscore the unique dynamics and preferences within the South Korean crypto market.

Bithumb’s Plans for an IPO

Looking ahead, Bithumb, a prominent South Korean cryptocurrency exchange, has made headlines by announcing its intention to go public in the second half of 2025. Notably, this move marks a significant milestone as the first initial public offering (IPO) by a Korean crypto exchange. Bithumb aims to list on Kosdaq, South Korea’s equivalent of the Nasdaq, with a strategic objective to challenge Upbit’s market dominance. This strategic move signals a new phase in the competitive landscape of South Korean crypto exchanges.

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