South Korean cryptocurrency exchange Upbit surpassed Coinbase and OKEx in terms of trading volume for the first time in July, according to a report by CCData. Coinbase and OKEx saw their trading volumes decline, with Coinbase’s volumes dropping by 11.6% to $28.6 billion and OKEx witnessing a 5.8% decline to $29 billion. Upbit bucked the trend, witnessing a 42.3% increase in trading volume to $29.8 billion, pushing the exchange to the second-largest platform by trading volume, after Binance.
Other South Korean exchanges including Bithumb and CoinOne also saw an increase in trading volume across July. Jacob Joseph, a research analyst at CCData, noted that the Korean market has been largely driven by retail traders who have built a reputation in the crypto sector. He said, “The Kimchi Premium is an example of this, a popular phenomenon which has historically been fueled by strong local demand for digital assets. This influx of volume, combined with the declining trading activity in other regions, has led to the increased dominance of Korean exchanges.”
Upbit saw the largest market share increase in July, with the exchange now accounting for 5.8% of the trading volumes on centralized exchanges. Huobi Global and KuCoin also saw increases in market share in July. Binance’s market share declined for the fifth consecutive month in July, now standing at 40.4%, its lowest mark since August 2022. Joseph noted that the recent concerns over possible regulatory action against Binance seem to have adversely affected the trading activity on the exchange.