Svmuu News: Trading activity on South Korea’s five major won-denominated cryptocurrency exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—has contracted significantly over the past year. Based on a comparable seven-day period in July, the combined average daily trading volume across the five platforms fell from $2.82 billion to $305 million, a year-over-year decline of approximately 89%.
Calculated as a simple, unweighted average of the declines across the five platforms, the average drop in trading volume was approximately 77%. Separate statistics show that on July 20, the daily trading volume across the five major exchanges fell by 88% year-over-year, while Korbit raised approximately $1 million by selling 15 BTC and 60 ETH.
As of July 22, South Korea’s KOSPI index had risen 114.44% over the previous 12 months, even after pulling back from its June high. Tiger Research noted that the decline in South Korea’s crypto trading activity reflects not only weaker prices but is also linked to repetitive narratives, underdelivery by some projects, and retail investors shifting their focus to stocks. (Cointelegraph)