Upbit Volume Declines 15% as Activity in South Korea's Crypto Market Ebbs

South Korea's dominant cryptocurrency platform Upbit saw its weekly trading volume decline by 15.5%, settling at 8.35 trillion won. During this period of reduced activity, XRP surpassed Bitcoin and USDT in trading, reflecting Korean traders' preference for that asset.

Thinner order books usually accompany lower volume, and that can make price movements more pronounced if big trades occur.

XRP Dominates as Upbit Trading Activity Cools

The metric of trading volume represents the aggregate worth of transactions on a platform within a given timeframe. Data from Upbit DataLab shows the exchange's weekly figure dropped to 8.35 trillion won, roughly $6.28 billion.

This downturn covers the week ending October 18, 2026, signaling a slowdown after stronger periods earlier in the fall.

A more notable detail lies in the aggregate data. According to CoinGecko, XRP ended the week as the most actively traded asset ahead of Bitcoin and stablecoin USDT. Korean retail investors have long preferred XRP on won-based pairs, a trend confirmed by the latest figures.

Although overall liquidity decreased, a large share of the remaining trades focused on XRP. Consequently, Bitcoin was second and USDT third.

The slowdown was not exclusive to Upbit. Broader data from leading South Korean platforms showed a steeper collective drop of nearly 20% the previous week. Against that backdrop, Upbit's 15.5% decline appears relatively moderate.

Daily snapshots showed Upbit's 24-hour volumes fluctuating between roughly $340 million and more than $1.2 billion. Those variations then settled into the calmer weekly total reported.

Outlook for Upbit Volume

Lower overall volume typically means thinner order books can amplify price moves when larger orders hit the market. A single sizable order can trigger sharper swings when it meets thin markets. Therefore traders watching Upbit should consider the weekly total alongside daily data.

For those watching competitive landscape the DataLab numbers highlight a recurring theme.

On Upbit XRP often challenges or surpasses Bitcoin even though it ranks far lower by global market cap

Stablecoin volume remaining elevated also points to traders rotating between risk assets and dollar-pegged tokens as sentiment cooled. This shift keeps capital ready to move back.

Looking ahead market participants will monitor whether weekly volumes stabilize near the 8 35 trillion won level or continue to slide they will also watch whether XRP keeps its top ranking in the next reporting window.