For the week ending October 18, 2026, Upbit reported a trading volume of 8.35 trillion won ($6.28 billion), marking a 15.5% decline from the previous week. Despite this downturn, XRP maintained its position as the most traded asset on South Korea's largest exchange, surpassing Bitcoin and USDT.
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The overall trading activity on major South Korean platforms decreased by 19.56% during the same period, indicating a cooling market. In this context, Upbit's decrease was relatively moderate. Throughout mid-October, Upbit's daily trading volumes varied between approximately $340 million and over $1.2 billion on particularly active days.
Upbit has consistently dominated the South Korean market, typically outperforming its main rival, Bithumb. The volatility in Upbit's trading volumes often correlates with movements in domestic stock markets, suggesting that traders might view cryptocurrencies and equities as alternative risk investments.
Additionally, South Korea's regulatory measures, which include blocking 27 offshore exchanges, contribute to this trading environment. The current lower turnover on Upbit could lead to thinner order books, increasing the impact of large market orders on price movement—a critical liquidity consideration.
XRP’s strong performance relative to Bitcoin and USDT affirms its continued popularity. However, the broader decline in the sector raises questions about competition among domestic exchanges to attract trading activity in a subdued market. The next weekly volume report will reveal whether Upbit's turnover stabilizes around 8.35 trillion won or continues to decline.