Korean exchange landscape changes: Upbit market share drops below 70%, Bithumb rises against the trend

SerumDegen · 2026-01-06T04:00:12+00:00

The virtual asset trading market in South Korea has recently undergone changes, with Upbit's market share dropping from nearly 80% at the end of 2024 to 65%. Bithumb has thus increased its market share to 31.1%. Industry competition has shifted focus to brand building and market promotion, but liquidity remains concentrated in leading platforms, and the market landscape is still dominated by major exchanges.

SerumDegen

2026-01-06 04:00:12

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【Crypto World】There have been recent changes in the leading landscape of South Korea’s virtual asset trading market. Long-dominant Upbit experienced a noticeable decline in market share in Q4 2025.

According to CoinGecko data, the total trading volume of South Korea’s top five won-denominated exchanges in Q4 reached $277.9 billion. Among them, Upbit’s trading volume was approximately $180.7 billion, accounting for 65.0%—this number still seems large, but compared to nearly 80% at the end of 2024, it has indeed decreased.

Who captured this share? Mainly Bithumb. During the same period, this exchange’s trading volume was about $86.5 billion, accounting for 31.1%, a significant increase compared to before. The remaining Coinone, Korbit, and Gopax combined hold less than 4% of the market share.

What does this change reflect? Industry observers point out that the focus of competition among Korean exchanges is shifting. Previously, they attracted users through fee discounts and various promotions, but now they are more focused on brand building and marketing. However, the reality is that liquidity remains highly concentrated in leading platforms, and even large-scale marketing mainly serves to maintain existing trading volumes and user stickiness. The overall market structure is still dominated by top exchanges.

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