Upbit trading volume cools while XRP holds traders’ attention
Upbit trading volume reportedly fell 15.5% to 8.35 trillion won for the week ending October 18, presenting a mixed picture of South Korean crypto activity: lower overall turnover, with XRP still attracting more trading than Bitcoin or USDT.
The weekly figures were reported by Crypto Briefing, which placed the dollar equivalent at approximately $6.28 billion. That conversion is an estimate tied to the exchange rate used, rather than a separate measurement of dollar-denominated trading.
The weekly total could not be independently reconstructed from the accessible official Data Lab page. However, the exchange’s own rolling 24-hour figures provide a separate confirmation that XRP remained prominent in current activity.
The distinction matters. A weekly ranking and a rolling daily ranking describe different windows, even when the same asset leads both.
What Upbit’s official dashboard shows
The official Data Lab snapshot retrieved on October 19 showed approximately 716.74 billion won in total rolling 24-hour turnover.
XRP accounted for 10.10%, followed by Bitcoin at 7.37%. The Sandbox ranked third, ahead of USDT and Gitcoin.
Asset | Rolling 24-hour turnover | Share of Upbit turnover |
XRP | ₩72.40 billion | 10.10% |
Bitcoin | ₩52.85 billion | 7.37% |
The Sandbox | ₩43.39 billion | 6.05% |
USDT | ₩36.36 billion | 5.07% |
Gitcoin | ₩35.90 billion | 5.01% |
Source: Upbit Data Lab, retrieved October 19, 2026. Figures are rounded and update continuously. This table covers 24 hours, not the reported weekly period.
Upbit explains that its turnover measure combines activity across its KRW, BTC and USDT markets, converting the values into Korean won. The figures therefore should not be described as covering won-denominated pairs alone.
Official chart source:
Upbit Data Lab — Trading Volume. Its dashboard is the appropriate source for a dated screenshot; a weekly chart should only be used after selecting and confirming the relevant reporting period.
XRP’s lead measures attention, not investment conviction
XRP’s position at the top of the rankings establishes that it was actively traded on the venue. It does not reveal why each participant traded.
Turnover can rise when buyers pursue a rally, sellers exit positions or traders repeatedly move in and out of the same asset. The same coins can change hands several times, generating substantial volume without an equivalent amount of new money entering the market.
Consequently, “XRP leads trading” is a narrower finding than “investors are accumulating XRP.”
A more persuasive assessment of accumulation would examine additional evidence, including price behaviour, executed buy-and-sell activity and changes in holdings. Even then, the measurement window needs to remain consistent.
Lower turnover is different from thinner liquidity
The reported weekly decline indicates less trading value over the comparison period. It does not, by itself, measure how easily an order can be executed.
Liquidity depends on factors such as the spread between bids and offers, the orders available near the market price and the slippage involved in completing a trade.
An exchange can record lower turnover while retaining competitive spreads. Equally, a heavily traded token can experience poor execution during a sudden imbalance between buyers and sellers.
That is why the latest figures should be read as evidence of cooler activity, rather than proof that Upbit’s order books have deteriorated.
USDT activity leaves room for several explanations
USDT’s reported place among the weekly leaders adds another dimension. Stablecoin trading can accompany movement into crypto, movement out of volatile assets or adjustments between currencies and trading pairs.
Its volume alone cannot establish that traders are retreating into cash.
For readers comparing the instruments used to move between positions, Bitnxt’s USDT versus USDC guide provides related background on stablecoin selection and transfer considerations.
Bitnxt View: Watch whether activity broadens
The useful question for the next reporting period is whether trading recovers across the exchange or remains concentrated in a small group of assets.
If XRP retains its lead while total turnover falls further, that would show continuing relative attention within a quieter market. If activity expands across several assets, it would suggest broader participation. Neither outcome alone determines the direction of prices.
The same discipline applies when comparing exchange activity with other demand indicators. Bitnxt’s Bitcoin ETF flows analysis examines a separate investment channel, while its guide to interpreting ETF outflows explains why one headline number can leave important questions unanswered.
For now, XRP’s trading prominence is the clearer finding. The reported contraction in weekly turnover gives it context: an asset can remain the busiest market on an exchange while overall activity slows.
