Bitcoin Rally Drives Sudden Surge in South Korea Exchange Trading

Overview

• Upbit’s 24-hour volume jumped about 273% to roughly $1.84 billion on Aug. 21, its biggest daily total since mid‑March, and Bithumb’s daily turnover rose about 133% to near $935 million.
• XRP was the top-traded asset on both exchanges during the spike, with roughly $419 million of volume on Upbit that outpaced Bitcoin and Ether in that session.
• Markets treated the U.S. Treasury’s Aug. 19 expansion of debt buybacks as liquidity positive, a move that coincided with Bitcoin rising back above prior levels and helped trigger the local volume rebound.
• The surge comes after months of weak crypto turnover and steep first-half earnings declines at Upbit and Bithumb, even as institutional investors have shown interest in exchange stakes through Samsung affiliates and reported talks over Bithumb.
• Analysts warn the move is early and needs follow-through, but say South Korea’s return‑chasing retail could quickly amplify any sustained rally and send meaningful capital back into crypto.