South Korea’s biggest crypto exchange just had a quieter week. Upbit reported weekly trading volume of 8.35 trillion won for the week ending October 18, 2026, a 15.5% decrease from the prior week.
That works out to approximately $6.28 billion.
The more interesting detail sits inside the total. XRP was the most traded asset on the platform during the week, finishing ahead of both Bitcoin and USDT.
Inside the numbers
In mid-October 2026, Upbit’s 24-hour trading volumes swung between $340 million and over $1.2 billion on active days.
The ranking of assets adds texture. XRP topped the volume table, with Bitcoin in second and the stablecoin USDT in third.
USDT’s presence in the top three is also worth a brief note. Stablecoins are tokens designed to track the US dollar, so heavy USDT trading can reflect traders moving between risk assets and something closer to cash.
A wider slowdown across Korean exchanges
Upbit was not alone in feeling the slowdown. Volume across major South Korean platforms fell by 19.56% in a preceding week, pointing to a broader pullback rather than a problem specific to one venue.
Measured against that figure, Upbit’s 15.5% decline looks somewhat milder.
Upbit has consistently held its position as the leading exchange in the country, regularly outpacing rivals such as Bithumb.
Upbit’s volumes have often reacted to swings in domestic stock markets, which suggests many Korean traders treat crypto and equities as neighboring options rather than separate worlds.
What this means for traders and the market
The most immediate implication is about liquidity. Lower volume generally means thinner order books, which can make prices more sensitive to large buy or sell orders.
XRP’s leadership is the other storyline to watch. Even as total activity fell, traders still concentrated a large share of their attention on a single asset, and that asset was not Bitcoin.
For the competitive landscape, rivals like Bithumb face the same headwinds. The broader 19.56% drop seen in a preceding week suggests the challenge across the sector is attracting volume at all, not just winning share from one another.
Looking ahead, the key signals will be whether weekly volume stabilizes near the 8.35 trillion won level or keeps sliding, and whether XRP keeps its spot at the top of the table.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.