Trading volumes on South Korea’s largest cryptocurrency exchanges rose sharply over the past day as a rebound in Bitcoin prices pulled local investors back toward digital assets after months of subdued activity.

Upbit, the country’s biggest crypto platform, recorded a 273% increase in 24-hour trading volume to approximately $1.84 billion. The figure marked the exchange’s strongest daily total since mid-March 2026, according to market data. Bithumb, the second-largest platform, saw its volume climb 132.9% to about $934.9 million in the same period.

XRP Dominates Local Trading Activity

XRP emerged as the most actively traded token on both Upbit and Bithumb. On Upbit, the asset accounted for roughly $418.9 million in volume, surpassing Bitcoin, USDT and Ether. It also topped Bithumb’s rankings. XRP ranked third among the most-viewed cryptocurrencies in South Korea, behind only Bitcoin and Ether.

The token’s price stood near $1.38 to $1.39 after a daily gain of around 20% and a weekly rise of approximately 38%.

Bitcoin Rebound Triggers Renewed Interest

The pickup in activity coincided with Bitcoin’s advance of about 8.3% over 24 hours, lifting the cryptocurrency to levels around $78,000. The broader digital asset market gained roughly 7.2% over the same period.

Market participants linked the Bitcoin move to the U.S. Treasury Department’s announcement on August 19 that it would expand its debt buyback program for longer-dated securities. The decision was viewed as supportive for liquidity conditions.

Min Jung, an associate researcher at Presto Research, described South Korean retail investors as “return-chasers” rather than loyal to any single asset class. They tend to allocate capital toward markets already delivering strong performance.

Jung noted that Korean capital typically follows global rallies rather than initiating them, and additional local buying can then amplify price moves.

Exchanges Faced Sharp Declines Earlier in 2026

The recent surge stands out against a difficult first half of the year for South Korean crypto platforms. Combined turnover at the country’s five major won-based exchanges fell 54.6% year-over-year to $366.58 billion.

Upbit and Bithumb each reported operating revenue declines of around 50% in the first half. Upbit’s net profit dropped 74%, while Bithumb swung to a net loss.

Investors had directed substantial capital into domestic equities as the KOSPI index reached record highs, driven by an artificial-intelligence-related boom in shares of Samsung Electronics and SK Hynix. Crypto trading volumes at one point earlier in the year represented only a small fraction of activity on the local stock market.

Jung suggested the current interest in digital assets may represent a catch-up effort, as stocks have already advanced strongly while cryptocurrencies lagged for months.

Outlook for Sustained Participation

Analysts cautioned that a single-session volume spike does not confirm a lasting return of Korean capital to crypto markets. Follow-through over subsequent trading days will determine whether the rebound develops into a broader shift in investor preference.

South Korea has long played an outsized role in global crypto liquidity, particularly during periods of heightened retail activity and altcoin momentum. Sustained higher volumes on platforms such as Upbit and Bithumb would signal that local risk appetite is expanding again alongside the Bitcoin-led market recovery.