Upbit Sees $20.95 Billion Surge in 24-Hour Trading Volume

Upbit, one of South Korea’s largest cryptocurrency exchanges, reported a trading volume increase to $20.95 billion over 24 hours, driven by the ETH/KRW pair, according to CoinGecko data.

This significant growth underscores heightened retail interest in South Korean crypto markets, suggesting potential shifts in market dynamics and investor focus on alternative currency pairs.

Upbit Records Massive Daily Trading Surge with ETH/KRW Leading

Upbit, South Korea’s prominent exchange, reported a trading volume surge to $20.95 billion in a single day, with the ETH/KRW pair contributing significantly. Alongside ETH, XRP, RED, BTC, and USDT comprised the top five pairs. CoinGecko’s real-time statistics confirmed these figures.

Public commentary was notably absent from Upbit’s executives, with no statements from CEO Sirgoo Lee or Founder Song Chi-hyung. Notwithstanding, developers and market watchers highlighted KRW’s heightened trading volume, suggesting speculative activity and cross-pair volatility.

“Upbit volume surged past $20B today, driven by sustained retail interest in Korean ETH and XRP markets. High volatility across top altcoin pairs.” – CoinGecko Data Team

Historical Trading Patterns Amid Price and Regulatory Changes

Did you know? The last significant ETH/KRW surge at Upbit occurred amid major altcoin rallies, often preceding regulatory announcements in South Korea. Such spikes also coincide with enhanced liquidity across key Korean KRW markets.

As of September 6, 2025, Ethereum (ETH) recorded a price of $4,276.81, with a market cap of $516.23 billion according to CoinMarketCap. Despite a day’s dip of 1.20%, ETH’s 30-day ascent reached 10.43%, highlighting its enduring prominence.

Coincu research suggests that regulatory shifts and speculative practices drive such exchanges’ volumes. Historically, large surges align with strategic asset allocations within Korea, hinting at extended ripple effects across Asia’s cryptocurrency markets.