Trading activity on Upbit, the largest cryptocurrency exchange in South Korea, has experienced a decline. For the week ending November 8, 2026, the platform's weekly volume dropped by 20.8%, reaching ₩6.7 trillion, which is approximately $4.9 billion.
This follows a previous downturn recorded for the week ending October 18, 2026, when volume fell by 15.5% to ₩8.35 trillion, or about $6.28 billion. During the period between mid-October and early November, daily trading volume on the exchange fluctuated between $340 million and over $1.2 billion.
Despite the overall slowdown, XRP remained the most traded asset on the platform, surpassing both Bitcoin and the USDT stablecoin. Research indicates that this trend reflects strong local retail interest in XRP within KRW-denominated trading pairs, with the asset often leading during periods of lower market activity.
The decline at Upbit aligns with broader trends in the South Korean market, where total exchange volumes have fallen by nearly 20% in recent weeks. Analysts suggest this contraction may be driven by shifting investor confidence and increased risk aversion amid mounting macroeconomic pressures.
The current market landscape shows traders rotating into stable assets like USDT during pullbacks. Moving forward, observers are monitoring whether Upbit's volume will stabilize at current levels and if XRP can maintain its top position should overall market activity begin to recover.
