KRW (Korean won) represents approximately 25% of global fiat-denominated crypto trading volume, second only to USD.
Macro & Markets ·
Korean won trading has emerged as a major component of global crypto markets. Research by Kaiko in partnership with Upbit found that KRW accounts for roughly one-quarter of all fiat-denominated cryptocurrency trading volume worldwide, placing it second only to USD. The analysis examined liquidity metrics across Korean exchanges, measuring factors such as order execution price impact, bid-ask spreads, and market depth for both individual and cross-platform comparisons.
Upbit dominates Korean crypto trading, capturing around 70% of total volume throughout 2025 and functioning as the primary liquidity hub for major KRW pairs including BTC-KRW and XRP-KRW. The exchange maintains the tightest ask-side slippage in the bitcoin market for 10-million-KRW orders despite using relatively wide price tick sizes calibrated by price range. Bithumb ranks second in the Korean market, though trading volumes there remain significantly lower than Upbit, with volume spikes at Upbit frequently exceeding its competitor during macroeconomic volatility.
The research defines liquidity as the capacity to execute large orders rapidly at prices near market levels with minimal price movement. How Korean trading patterns and Upbit's dominance will evolve as global crypto markets shift remains unspecified in the available findings.