South Korea’s reputation as one of the most active crypto trading hubs is being redefined after new statistics revealed just how much of the market is controlled by a handful of investors.
According to figures compiled by the Financial Supervisory Service and disclosed by lawmaker Lee Heon-seung, more than 90% of trading on the country’s leading exchanges comes from the top 10% of accounts.
That concentration is particularly striking at Bithumb, where nearly 98% of trading in the first half of 2025 was attributed to whales. GOPAX, Coinone, and Korbit all hovered around the same level, while Upbit – the largest exchange by total volume at over ₩1,488 trillion – showed slightly less dependence at about 89%.
Listing Effect Under Scrutiny
For years, a token debut on a Korean platform often triggered huge price surges, a phenomenon dubbed the “listing effect.” Many believed this was driven by a surge of retail enthusiasm. The new analysis, however, suggests the spikes may have been engineered largely by whales with the power to move prices on their own.
Even in smaller-cap tokens, dominance remained clear. Between January 2023 and June 2025, big accounts on Bithumb were behind more than 83% of trading in the lowest-cap assets, while Upbit recorded a still-heavy 67%.
Institutional Shift Ahead
The market may be on the verge of another shake-up. Regulators plan to open crypto exchange accounts to up to 3,500 institutions later this year, inviting professional investors into an ecosystem that has so far been retail-heavy in user numbers but whale-heavy in volume.
Analysts warn the change could alter Korea’s standing as a “holy land” for token launches. Whether institutional money balances the scales or simply deepens the concentration of trading remains an open question.
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Source: https://coindoo.com/south-koreas-crypto-market-runs-on-whales-new-data-shows/