Korean exchange Upbit's trading volume fell 73% monthly! Big fluctuations coming?

Various cryptocurrencies experienced significant declines on the Upbit exchange last night. South Korea’s largest cryptocurrency exchange, Upbit, saw its trading volume drop sharply by 75% in less than a month. ; However, a closer look shows that the spot and contract trading volumes of major exchanges have also declined significantly, which seems to indicate an upcoming trend.

Upbit’s trading volume is only 30%

The trading volume of South Korean exchange Upbit fell by 73% in the last month, Coingecko data pointed out. Since May 3, after a peak of $14 billion in transactions, trading volume has dropped to around $3.8 billion, which has reduced transaction volume by nearly half.

In addition, CoinGlass data also shows that public chains including BTC, ETH, SOL, AVAX, TON and other public chains have experienced significant 7-day trading volume jumps, with an average of about 20%. However, only some stablecoins and memecoins have shown positive growth; this shows that the market has reduced its investment in public chain funds and instead participated in the frenzy of alternative coins.

The current contract trading volume of major exchanges also shows a similar situation, including Binance, OKX, Bybit, etc., which has decreased by approximately 50% to 70% since the historical high on March 5th and 6th.

Upbit is one of the major markets that loves altcoins. The phenomenon that its trading volume has significantly weakened or even flattened is even more noticeable, and has triggered the market’s question about whether other altcoins other than Bitcoin can continue to exist. A new high of doubt.

BTC and ETH trading volume only accounted for 11%

Which is generally regarded as a major currency speculation country. South Korea’s cryptocurrency enthusiasts have always paid special attention to alternative coins, rather than Bitcoin, which currently has the largest market value. and Ethereum.

It is reported that the BTC/KRW and ETH/KRW trading pairs only account for 11.3% of the market’s 24-hour trading volume, while the country’s more popular trading currencies are Doge, Ankr, Wave and Bitcoin Cash, etc. .

Previously reported that South Korean cryptocurrency exchanges, led by Upbit, Bithumb, Coinone, etc., had a single-day trading volume as high as 16.34 trillion won (approximately US$12.5 billion) two weeks ago, and the country’s stock market that day The trading volume was 20.8 trillion won (approximately US$15.88 billion), and the market performance was extremely enthusiastic.

Is there going to be a big fluctuation?

It was reported yesterday that crypto market makers DWFLabs and Matrixport also named the above phenomenon, saying that the expectation that the Cancun upgrade would be good for L2 has led to hype and speculation on meme coins of various chains. The craze seems to have gradually waned.

Andrei Grachev, co-founder of DWF Labs, believes that the slowdown in capital flows may be a precursor to upcoming significant market fluctuations.

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