South Korea's leading cryptocurrency exchange Upbit recorded a 15.5% decline in weekly trading volume to 8.35 trillion won (approximately $6.28 billion) for the week ending October 18, 2026, as retail activity across the region cooled down.
XRP Takes Top Spot Ahead of Bitcoin and USDT
According to figures from Upbit DataLab and CoinGecko, XRP finished the week as the platform's most-traded asset, surpassing both Bitcoin (BTC) and Tether (USDT). South Korean retail investors have historically demonstrated a strong preference for XRP on won-denominated trading pairs, and the latest data confirms that capital remained concentrated in the token despite lower overall market liquidity. Bitcoin took second place in weekly trading volume, while USDT finished third.
The drop on Upbit follows a broader cooling trend across the South Korean digital asset market. Competing major domestic exchanges recorded a collective trading volume drop of nearly 20% in the week prior to Upbit's latest figures. Daily trading volume on Upbit showed notable volatility over the seven-day period, swinging between $340 million and more than $1.2 billion before settling at the 8.35 trillion won total. This comes as exchanges navigate shifting liquidity, similar to global market movements where crypto market cap surged despite falling spot volumes.
Key Takeaways
- Upbit volume fell 15.5%: Weekly volume dropped to 8.35 trillion won ($6.28 billion) for the week ending October 18, 2026.
- XRP flipped BTC and USDT: XRP emerged as the top-traded token on the exchange ahead of Bitcoin and USDT.
- Daily fluctuations were sharp: 24-hour volume on Upbit swung between $340 million and $1.2 billion.
- Broader Korean slowdown: South Korean exchanges collectively saw volume fall nearly 20% in the preceding week.
Why It Matters
The shift in trading behavior on Upbit highlights how South Korean retail market structure remains distinct from global trends, where Bitcoin typically dominates total exchange turnover. When overall liquidity dries up, thinner order books mean large institutional or whale orders can trigger amplified price volatility on specific assets. Furthermore, elevated stablecoin volume alongside XRP indicates that local traders are keeping capital ready on the sidelines to re-enter altcoin positions rapidly once market sentiment recovers, particularly as altcoins pull back below key technical averages.
