South Korea's Top Five Crypto Exchanges See 88% Drop in Daily Trading Volume, Korbit Sells Assets to Stay Afloat

The combined daily trading volume of South Korea's top five won-based virtual asset exchanges is approximately 412.7 billion won, down 88% from a year ago. The total market capitalization of global virtual assets has shrunk by 41% to $23.22 million. Industry leader Dunamu reported a year-on-year decline in revenue and operating profit of 55% and 78%, respectively, in the first quarter. Smaller exchanges Coinone, Korbit, and Gopax are expected to continue incurring losses this year. Korbit has sold off its holdings three times this year, including 15 bitcoins and 60 ethers in just ten days this month, raising about 1.6 billion won in cash. A director at Tiger Research stated that the current situation can be seen as a "second crypto winter," with almost no new projects in sight. Despite the market downturn, institutional adoption of blockchain is accelerating, focusing on tokenized assets and stablecoins. Recently, major brokerages have acquired shares in exchanges, and the government has expressed its determination to advance the legislation of the "Digital Asset Basic Law," reflecting a continued optimism about medium- to long-term growth potential.

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