South Korea’s largest crypto exchange, Upbit, processed an estimated 1.15 trillion won ($830 million) in trading volume within one hour on Aug. 22, as sharp price swings triggered heavy trading and liquidations across the market.
The exchange’s rolling 24-hour volume reached about $3.82 billion, while Bithumb recorded roughly $1.95 billion and Coinone around $172 million. The surge came as Bitcoin, XRP and other major cryptocurrencies experienced sudden declines followed by partial recoveries.
XRP led Upbit trading activity, accounting for 32.2% of volume during the period. TRUMP followed with 10.93%, while Tether represented 8.39%. Ethereum and Bitcoin accounted for 5.44% and 5.40%, respectively.
The market volatility also triggered approximately $523 million in liquidations within one hour, including about $448 million from long positions. Across the broader 24-hour period, liquidations reportedly approached $1.8 billion and affected more than 286,000 traders.
The spike follows a strong rebound in South Korean crypto trading activity. Upbit’s daily volume had already climbed 273% to about $1.84 billion on Aug. 21, its highest reported level since mid-March.
However, the latest surge does not necessarily signal a lasting recovery. Much of the activity was driven by rapid price movements and forced liquidations, which can temporarily inflate exchange volumes. Upbit’s trading activity will need to remain elevated after the volatility subsides to confirm a broader recovery in South Korean crypto markets.
