Daily trading volume at South Korea's top five cryptocurrency exchanges has plummeted 88% year-over-year, forcing Korbit to sell assets to sustain operations.

According to The JoongAng Ilbo on July 22, the combined daily trading volume of South Korea’s five major won-denominated virtual asset exchanges amounted to approximately KRW 412.7 billion, an 88% decline from a year earlier. The global total market capitalization of virtual assets concurrently contracted by 41%, falling to USD 2.322 trillion. Dunamu, the country’s leading crypto firm, reported a 55% year-over-year drop in first-quarter revenue and a 78% decline in operating profit. Mid-sized and smaller exchanges face even greater challenges: Coinone, Korbit, and Gopax—which recorded operating losses last year—are expected to remain in the red this year. Korbit has already sold holdings three times this year, including 15 Bitcoin and 60 Ethereum within ten days this month, generating approximately KRW 16 billion in cash. A managing director at Tiger Research described the current environment as a 'second crypto winter,' marked by a sharp contraction in total crypto market capitalization and a near absence of new projects. Despite the market downturn, institutional adoption of blockchain technology is accelerating, with a primary focus on tokenized assets and stablecoins. Major securities firms such as Mirae Asset have recently acquired stakes in exchanges, and the South Korean government has repeatedly affirmed its commitment to advancing legislation for the Framework Act on Digital Assets, reflecting continued confidence in the sector’s medium- to long-term growth potential.