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Upbit, South Korea's largest cryptocurrency exchange, experienced a significant decrease in trading activity for the week ending October 18, 2026. The exchange reported a weekly trading volume of 8.35 trillion won, approximately $6.28 billion, marking a 15.5% decline from the previous week. This downturn reflects a broader trend in the South Korean cryptocurrency market, where trading volumes across major exchanges fell by 19.56% during the same period.
Despite the overall decline, XRP emerged as the most traded asset on Upbit, surpassing both Bitcoin and the stablecoin USDT. XRP's strong performance indicates that traders are focusing their attention on specific assets even as total trading activity wanes. In mid-October, Upbit's 24-hour trading volumes fluctuated between $340 million and over $1.2 billion on active days, showcasing the volatility in the market.
The decline in trading volume could impact liquidity on the platform, leading to thinner order books and increased price sensitivity to large transactions. Upbit has maintained its position as the leading exchange in South Korea, consistently outperforming competitors like Bithumb. However, the recent drop in volume highlights challenges faced by the entire sector in attracting trading activity, suggesting that the competitive landscape may become more difficult for all exchanges moving forward.
Source: KLEA News