South Korea's Upbit exchange recorded $830 million in single-hour volume during a flash crash; 24-hour volumes surged across major local exchanges.
DeFi & Yields ·
A sudden market downturn at 05:00 UTC triggered heightened trading activity across South Korean crypto exchanges. During the single hour of the flash crash, Upbit recorded approximately 1.15 trillion KRW (~$830 million) in volume, the country's largest exchange. Beyond that spike, 24-hour volumes across major local platforms also climbed significantly, with Upbit posting $3.818 billion, Bithumb reaching $1.954 billion, and Coinone at $172 million.
The surge in trading reflects broader momentum in crypto markets that had lifted sentiment among South Korean retail and institutional investors heading into the event. When major assets experienced sharp declines during the flash crash, they entered a period of high volatility, apparently drawing elevated trading interest across the region's exchanges.
The scale of the single-hour volume at Upbit and the concurrent 24-hour increases signal heightened participation, though the duration and full extent of the volatility remain unclear from available reports. Whether the elevated volumes persisted beyond the 24-hour window or whether similar spikes occurred on other regional exchanges outside South Korea has not been detailed.