Upbit remains the leading cryptocurrency exchange in South Korea, processing approximately $1.04 billion in spot trading volume over a 24-hour window as traders continue to pile into the market rally.

The figure exceeds the combined turnover of Upbit's three closest domestic competitors.

Bitcoin's recent rally has given the market room to rebound, drawing Korean retail money back onto local order books in the process. The rebound matters beyond trading desks: after a bruising first half in which Korea's top exchanges posted steep losses, a sustained recovery in volumes is the most direct way for fee-dependent platforms to rebuild revenue.

Where does Upbit rank in the South Korean market?

Upbit, operated by Dunamu, handled roughly $1.04 billion in spot trading volume in a single 24-hour period, outpacing the combined volume of Bithumb, Coinone, and Korbit.

Bithumb recorded around $632.6 million, Coinone about $67.9 million, and Korbit (now called Digital X) close to $11 million.

The volume surge follows Bitcoin's climb past $80,000 in late August — its first time above that level since mid-May — which encouraged Korean traders to move money back onto local exchanges.

Upbit launched in October 2017 and holds South Korea's first virtual asset service provider license. The exchange lists more than 180 tokens, while Bithumb, which launched in 2014, lists over 440 assets.

Before the rally began on August 20, Upbit's daily turnover ranged between 300 billion and 600 billion won, but it briefly hit 4.61 trillion won by Saturday afternoon — nearly ten times the level of a week earlier. Bithumb also cleared 2 trillion won over the same period.

Cryptopolitan separately reported that Upbit's volume rose 273% in one day to about $1.84 billion, its busiest session since mid-March, with XRP the single most-traded token on both Upbit and Bithumb.

Presto Research analyst Min Jung described Korean traders as "return-chasers" who buy assets that are already rising. That behavior helps explain how quickly volumes can swing: activity that dried up during the first half returned almost as soon as prices turned upward.

In the first half of 2026, Korea's top four crypto exchanges lost nearly 500 billion won ($364 million) combined, as falling cryptocurrency prices reduced the value of assets held by the exchanges, while low trading activity meant they collected fewer fees from traders.

Trading fees are the exchanges' primary revenue source, accounting for 96.91% of Dunamu's first-half revenue, which halved compared with last year.

Dunamu's operating profit fell 79.7% year-on-year in the first half, while Bithumb's declined even further, dropping 83.4%.

Cryptopolitan reported that first-half trading across Korean exchanges sank 54.6% year-on-year to $366.58 billion. Much of the decline was attributed to money flowing into Korea's stock market instead, which hit record highs on strong performance from companies such as Samsung and SK Hynix.

How are smaller exchanges trying to compete with Upbit?

With trading activity returning, smaller exchanges are waiving fees to attract regular traders and firms that may be struggling financially. The strategy carries an obvious tension: fees are the industry's dominant revenue source, so zero-fee campaigns trade short-term income for a chance at market share — and Bithumb's earlier attempt suggests volume gains from such promotions can fade once fees return.

Coinone said it would scrap trading fees on all listed coins until further notice, while Digital X (formerly Korbit) launched zero-fee trading across its market through August 2027.

Since the change, Digital X's average hourly trading volume jumped 36-fold, from 270 million won to 9.8 billion won. However, 87% of that increase came from trading in a single stablecoin, RLUSD, which the exchange distributed to large traders during a special event.

Coinone saw trading volume triple to 8.2 billion won per hour after going fee-free, though activity quickly returned to normal levels.

Bithumb attempted a similar strategy with a 68-day fee-free period last year; although its trading volumes rose for a time, its market share never exceeded 30%. It tried again for 7 days this February.

For now, Upbit and Bithumb have waived fees only on select tokens. Upbit, for example, dropped charges on stablecoins such as Tether (USDT-USD) starting July 26.

Meanwhile, Digital X's parent company, Mirae Asset Financial Group, is in talks to acquire Korbit for up to 140 billion won ($97.5 million). The potential deal points to a broader consolidation trend among Korean exchanges, as weaker platforms seek financial backing from larger financial groups after a period of heavy losses.