Upbit and Bithumb report 50% H1 revenue declines amid market contraction.
Macro & Markets ·
South Korean crypto exchanges Upbit and Bithumb each reported 50% revenue declines in the first half of 2026, according to reporting on the period. The sharp contraction reflects broader headwinds affecting both platforms' trading volumes and fee generation during a market downturn.
The declines coincide with a shift in capital flows within South Korea's financial markets. Retail and institutional investors have rotated away from crypto into domestic equities, reducing demand for spot and derivatives trading on the two largest domestic exchanges. Both platforms derive substantial revenue from trading fees, making them particularly exposed to volume fluctuations during periods of reduced crypto market participation.
It remains unclear whether the revenue erosion has prompted either exchange to cut costs, alter fee structures, or diversify revenue streams beyond trading. The sustainability of these platforms' profitability under prolonged market weakness, and any policy or competitive responses, have not been disclosed.