Won't somebody please think of the won? 🇰🇷

South Korea's five largest fiat-to-crypto exchanges posted combined weekly trading volume of roughly 9.97 trillion won ($6.65 billion) for the week of July 3 to July 10, the lowest level since September 2023, according to data tracked by Wu Blockchain. The figure marks a 25.75% decline from the prior week's 13.4 trillion won ($8.9 billion) and sits about 43.5% below early June volumes, extending a five-week losing streak across the platforms.

The five exchanges cited are Upbit, Bithumb, Coinone, Korbit, and Gopax. Digital Asset's compilation of the data spread via Wu Blockchain's X account on July 11 confirmed the consecutive weekly declines below the 10 trillion won threshold for the first time in two years.

The downturn in digital-asset activity has tracked a parallel slide in Korean equities. The KOSDAQ index of small-cap technology stocks has fallen 31% over the past nine weeks, a move that compares with the 32% decline recorded over five weeks during the 2020 crash, per data cited by Global Markets Investor on X on July 12. The benchmark KOSPI has dropped 20% over three weeks, entering technical bear-market territory.

Broader structural pressures have added to the retreat across crypto platforms. In the first quarter of 2026, Bithumb's combined volume had already fallen more than 30%, and the exchange faced earlier operational errors that weighed on retail sentiment. New regulatory limits on exchange ownership stakes have further cooled participation, according to the same reporting, reinforcing a defensive mood among domestic retail traders who historically move between tech equities and digital assets within the same risk-on, risk-off cycles.