Upbit Sees $8 Billion Weekly Volume as XRP Surpasses Bitcoin
- Upbit recorded a weekly trading volume of 11.2 trillion won (approximately $8 billion), marking a 6.74% increase from the previous week.
- XRP was the most traded asset on Upbit, outpacing both Bitcoin and Tether.
- In previous periods, XRP trading volume has exceeded Bitcoin’s, particularly during times of market stress in South Korea.
- A single day last year saw over $1.22 billion in XRP volume on Upbit, accounting for more than 22% of its daily activity.
- CME has become the largest XRP futures venue by open interest, indicating a shift towards institutional trading.
The recent data highlights a growing preference for XRP among Korean retail traders, who engage directly in KRW-denominated pairs, while institutional interest is reflected in rising futures volumes at CME.
With Upbit’s weekly print showing $8 billion in trading volume and XRP leading the way, it underscores the structural demand for cryptocurrencies in South Korea amid ongoing regulatory discussions.(Source)
