South Korea’s crypto exchanges are having a rough year. Daily trading volumes across the country’s top platforms have cratered 89% year-over-year, dropping from an average of roughly 17 trillion won per day in mid-2025 to approximately 2.7 trillion won, or about $2 billion, by late May and early June 2026.
Where did all that money go? Straight into equities. The KOSPI index surged, peaking above 8,800 in mid-2026, powered almost entirely by insatiable demand for semiconductor and AI-related stocks like Samsung Electronics and SK Hynix.
A complete reversal of fortunes
Just a year ago, Korean crypto exchanges were routinely outpacing the country’s stock market in daily turnover. In July 2025, exchanges averaged around 17 trillion won in daily volume, comfortably exceeding the KOSPI’s 10 to 15 trillion won average. Fast forward to today, and crypto volumes represent roughly 2% of KOSPI’s daily turnover.
Top exchanges are bleeding revenue as a result. First-quarter 2026 financials showed declines of more than 50% year-over-year for major platforms.
