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South Korean crypto volumes spike as KOSPI sinks
Trading volume at Upbit between the won and USDT neared 200 billion won on July 29, up sharply from July 25 as investors looked for alternative exposure.
South Korean crypto trading activity jumped after the country’s stock market slid several days, with trading volumes rising on major exchanges, according to Cointelegraph. Cointelegraph reports that Upbit data shows won to Tether (USDT) volume accelerating between July 25 and July 29, reaching nearly 200 billion won, or about 140 million USDT, on July 29. The same dataset showed volume around 20 million USDT on July 25, implying a 600% increase amid the equity sell-off. The surge followed a near 18% decline in South Korea’s stock market this week, after losses in chipmaker stocks drove the downturn, the outlet said. Cointelegraph also cited local coverage suggesting some capital may have rotated out of stocks into crypto, while others may have sought derivatives exposure via overseas crypto venues. Cointelegraph added that demand could have increased for moving funds to overseas exchanges or personal wallets to trade perpetual stock futures, quoting Tiger Research senior researcher Cho Yoon-sung. The outlet also pointed to how KOSPI volatility has previously coincided with volume spikes on Upbit, including after a 10% single day drop on July 14.
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