South Korean crypto trading surges amid stock market plunge
Cryptocurrency trading surged in South Korea as the stock market sold off sharply, with KOSPI down nearly 18% this week after weakness in chip stocks. On Upbit, KRW/USDT volume jumped from about 20 million USDT on July 25 to nearly 140 million USDT on July 29, a roughly 600% increase. The move suggests investors may have shifted capital from equities into crypto, sought hedges, or used crypto exchanges to trade overseas products tied to Korean stocks. Analysts also noted possible demand for moving funds to personal wallets or trading perpetual stock futures. Bitcoin held up well during the turmoil, with commentators saying the semiconductor slump has not caused meaningful crypto contagion. Bitwise highlighted Bitcoin’s resilience versus major US stocks and argued it may be signaling future monetary easing.
