South Korea's five largest crypto exchanges recorded combined weekly trading volume of 9.97 trillion Korean won for July 3–10, the lowest level in approximately two years and nine months, according to data cited by market tracker Digital Asset. The figure represents a 25.75% decline from the prior week and a 43.5% drop from early June.
Upbit and Bithumb, which dominate South Korean retail crypto trading, are among the five exchanges tracked. The threshold matters because it marks the first time since late September 2023 that their combined weekly volume has fallen below the 10 trillion won level, a benchmark that tracks the health of one of Asia's largest fiat on-ramps for retail cryptocurrency.
The contraction comes as regional macro conditions have tightened in recent months. South Korea's regulatory environment and domestic policy shifts have also created conditions for some trading activity to migrate to offshore and globally-expanding platforms. The five-exchange group—Upbit, Bithumb, Coinone, Korbit, and Gopax—collectively accounted for the bulk of won-denominated spot trading in the country.
The volume decline covers a specific week rather than a longer average, leaving open whether the drop reflects seasonal trading patterns or a sustained shift in retail participation. Subsequent weeks' data will indicate whether the level stabilizes or continues downward.