South Korean cryptocurrency exchange Upbit recorded approximately 1.15 trillion won, or $830 million, in trading volume within a single hour on August 22 as sharp market volatility triggered an exceptional burst of activity among Korean traders. The surge occurred during the hour beginning around 5:00 a.m. UTC, according to market data cited by Wu Blockchain. Upbit’s 24-hour trading volume subsequently reached approximately $3.82 billion, more than double the $1.84 billion recorded during the previous day’s resurgence in activity.
XRP dominated trading on the exchange, accounting for 32.20% of Upbit’s total volume. Donald Trump’s TRUMP memecoin ranked second with 10.93%, while Tether’s USDT represented another 8.39%. The unusually concentrated activity coincided with a rapid reversal across global cryptocurrency markets. Bitcoin, which had rallied from approximately $64,000 earlier in the week to nearly $79,500, pulled back sharply as traders took profits and leveraged positions were unwound.
Korean Crypto Activity Rebounds After Months of Weakness
The $830 million trading hour extends a dramatic recovery in activity across South Korea’s cryptocurrency market. On August 21, Upbit’s 24-hour trading volume had already jumped 273% to approximately $1.84 billion, its highest daily level since mid-March, according to CoinGecko data cited by Crypto.news. XRP generated approximately $418.9 million of that activity and ranked ahead of Bitcoin, USDT and Ether. Rival South Korean exchange Bithumb simultaneously saw its volume climb 132.9% to approximately $934.9 million, with XRP also its most actively traded cryptocurrency.
That represented a substantial reversal from earlier in 2026. Trading across Upbit, Bithumb, Coinone, Korbit and Gopax had fallen to approximately 8% of KOSPI stock-market turnover by late May as Korean investors shifted capital toward domestic equities. Combined trading volume across South Korea’s five major won-denominated exchanges fell more than 54% year over year during the first half of 2026 to approximately $367 billion. Upbit and Bithumb both experienced revenue declines of roughly 50% during that period, while Upbit’s net profit dropped 74%.
Flash Sell-Off Sends Liquidations Above $500 Million
The August 22 volume spike was driven not only by renewed enthusiasm but also by substantial forced trading as cryptocurrency prices reversed. Approximately $523 million of leveraged crypto positions were liquidated globally within one hour during the volatility, according to CoinGlass data cited by Crypto.news. Long positions accounted for roughly $448 million, or approximately 86%, of the liquidations, demonstrating how rapidly market positioning had shifted after the preceding rally forced billions of dollars of bearish bets from the market.
Upbit’s numbers therefore should not be interpreted purely as evidence of fresh capital entering cryptocurrency markets. Trading volume measures turnover, meaning the same capital can be bought and sold repeatedly, particularly during periods of extreme volatility. The composition nevertheless provides an important indication of Korean retail preferences. XRP’s 32.20% share means approximately one-third of Upbit activity was concentrated in a cryptocurrency that has historically attracted unusually strong interest among South Korean traders. TRUMP’s second-place position similarly demonstrates continued demand for highly speculative tokens.
The jump from $1.84 billion in daily turnover on August 21 to approximately $3.82 billion during the subsequent 24-hour period suggests that Korea’s crypto market can still react exceptionally quickly when volatility returns. Whether that activity persists will depend partly on whether Bitcoin maintains its recent breakout. But Upbit processing approximately $830 million in a single hour shows that South Korean traders have rapidly returned to the market after months of comparatively subdued activity.