PANews reported on November 13 that 10x Research released a new report stating that there has been a huge explosion in retail cryptocurrency trading in South Korea, with the Upbit exchange reaching $18.6 billion in trading volume, not including another $7.3 billion traded on Bithumb. Overall, South Korean retail traders traded more than $26 billion on spot exchanges, while the trading volume of all local stocks in South Korea was only $14 billion - 85% higher than stock trading volume. Since Trump's election, Dogecoin has become the most traded cryptocurrency, with $8 billion traded in the past 24 hours - accounting for 57% of all stock trading in South Korea. The $18.6 billion trading volume on Upbit has exceeded the $16.2 billion in early March.
In addition, the report states that the number of Bitcoin holders increased significantly in 2024, with sovereign entities and pension funds continuously entering the market, strengthening the base of long-term investors. Soon (in the next few days), 13F reports will reveal which pension funds or large asset management companies bought Bitcoin in the third quarter. Not only strategic long-term investors have become highly active, but retail investors are also joining the trend.
Related reading: Kimchi Premium: Key Characteristics and Reasons of the Korean Crypto Market .
