Crypto▲ Bullish
South Korea Crypto Volumes Spike 600% as Kospi Drops 18%
Upbit's KRW-USDT volume hit 200 billion won on July 29, a 600% surge from July 25, as South Korea's Kospi fell 18%. The question is whether this is a defensive rotation or a one-week anomaly.
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Upbit's KRW-USDT market saw trading volume approach 200 billion won, about 140 million USDT, on July 29. That compared with roughly 20 million USDT on July 25 – a 600% increase. The stablecoin turnover accelerated as South Korean equities came under heavy pressure.
The country's stock market fell nearly 18% during the week. Some investors may have shifted funds toward crypto or overseas platforms to access stock-linked perpetual futures, market commentary suggested. The timing shows correlation rather than confirmed capital migration.
Upbit's order book provides the immediate measure of domestic stablecoin activity. The broader question is whether elevated KRW-USDT turnover persists after equity volatility eases. The next test is whether a short-term defensive rotation develops into sustained crypto-market liquidity or fades with the stock-market shock.