Upbit 24h Volume Drops 35.3% to $9.28B; ZKP/KRW Tops KRW Market with 11.38%
CoinGecko-sourced data reported by Coinotag shows South Korea’s Upbit exchange saw its 24-hour trading volume fall 35.3% to $9.2787 billion. The ZKP/KRW trading pair led KRW-denominated turnover with an 11.38% share. Other high-liquidity KRW pairs included BTC, XRP, AVNT and ETH, highlighting where liquidity clustered on the exchange. The decline signals shifting liquidity dynamics on a major regional venue and may affect short-term market depth for Korean-won trading pairs.
Neutral
A 35.3% drop in Upbit’s 24-hour volume is significant for exchange-level liquidity but does not by itself indicate a directional price signal across global markets. The fact that ZKP/KRW led KRW turnover (11.38%) and that BTC, XRP, AVNT and ETH remain top KRW pairs suggests liquidity is reallocating within the exchange rather than exiting crypto entirely. Short-term implications: thinner order books on Upbit could increase slippage and short-term volatility for KRW pairs, especially smaller-cap tokens like ZKP or AVNT. Traders using Upbit should widen stop distances and reduce market order size to avoid execution risk. Long-term implications: if low volumes persist, market makers may withdraw, reducing liquidity further and potentially disconnecting KRW pairs’ pricing from global markets; conversely, volumes could rebound if regional news or flows return. Similar past events (regional exchange volume drops during local holidays or regulatory uncertainty) produced temporary volatility without sustained global bear/bull trend shifts. Overall, this is an exchange-liquidity story with localized market-impact risk rather than a clear bullish or bearish signal for crypto as a whole.