Written by: Umbrella
Recently, two traders in the South Korean crypto market have become the focus of discussion in the crypto circle due to their astonishing performance.
A trader named Namseokhee made high-leverage contract bets on altcoins on Binance, increasing his long positions from 75 to 105 in two weeks, with returns skyrocketing from 134 times to 1400 times, while his initial margin was less than 3,000 USD.
Source: @_FORAB
Another trader, Ohtanishohei, is a staunch ETH supporter, continuously increasing his long positions in ETH contracts over the past two weeks, with profits rising from 1.57 million USD to a maximum of 3.37 million USD.
Their dazzling achievements have not only ignited the enthusiasm of South Korean investors but also attracted the attention of the entire world to this vibrant market in South Korea.
In the past six months, mentions of the South Korean market in the crypto field have been increasing, and its rise is not coincidental. In 2024, the asset management scale of the five major cryptocurrency exchanges in South Korea exceeded 74.8 billion USD, with the five exchanges managing assets of 73 billion USD and an average daily trading volume exceeding the two major South Korean stock exchanges.
As the largest cryptocurrency exchange in South Korea, Upbit's daily trading volume once exceeded 10.2 billion USD, a year-on-year increase of 94.5%. Even more noteworthy is that the Korean won accounts for as much as 37% of global fiat currency transactions in cryptocurrency, second only to the U.S. dollar.
These numbers indicate that South Korea is not only a hub for crypto trading in Asia but is also occupying an increasingly significant market position globally.
Betting on altcoins, a nationwide crypto trading frenzy
When mentioning South Korea, many crypto investors may have a poor first impression. In 2022, the Terra project founded by South Korean trader Do Kwon reached a market value of 40 billion USD but instantly collapsed due to the failure of the algorithmic stablecoin, resulting in losses exceeding 6 billion USD for South Korean investors. BTC was affected, dropping from 40,000 USD in early May to 17,000 USD within two months.
This event led to a sharp decline in trading volume at the two major cryptocurrency exchanges in South Korea, Upbit and Bithumb, by 30%, and the Korean won's share in global crypto trading fell from 40% to 25%. Along with this drop, so did South Korea's status in the crypto market.
As we enter the second half of 2024, several altcoins have skyrocketed in price after being listed on Korean exchanges, a phenomenon that continues to this day. Just a few days ago, CYBER was launched on the Korean exchange Upbit, with its price surging over 130% in a single day and trading volume increasing by 500%, with market capitalization briefly exceeding 170 million USD.
This data reflects that the enthusiasm of South Korean crypto investors may far exceed our imagination, as can be confirmed by the composition of South Korean crypto investors' data.
According to the latest report released by the Hanwha Financial Research Institute (Investment Trends of 20-50 Year Olds in Virtual Assets), among 1,000 financial investors aged 20-50, 27% hold cryptocurrencies, which account for 14% of their total financial assets, and as many as 70% of respondents expressed willingness to invest in cryptocurrencies in the future.
The frenzy of South Koreans for cryptocurrencies goes far beyond this. According to data from the Bank of Korea in 2024, as of November 2024, 30% of South Korean residents have opened accounts on cryptocurrency exchanges, with two out of ten government officials holding cryptocurrencies.
Behind the phenomenon of 'the whole nation trading cryptocurrencies' in South Korea lies the current social background and the government's shift in attitude toward crypto.
Currently, young people in South Korea are facing unprecedented social pressure.
According to data from Statistics Korea, the youth unemployment rate in South Korea reached 5.5% in July 2025. Young South Koreans generally have a pessimistic view of the economic outlook, and with the upward mobility channel nearly locked, countless young South Koreans see cryptocurrency as the only opportunity for class advancement.
This also explains why the trading strategies of South Korean crypto traders generally lean towards high-leverage trading, with some classic lines from popular cultural works in South Korea reflecting this social phenomenon.
Source: South Korea's popular TV drama (Squid Game 2)
The biggest positive news for South Korean traders regarding the government's attitude toward the crypto market is undoubtedly Lee Jae-myung's ascension to the presidency of South Korea.
Lee Jae-myung is not only a winner in the political arena but also one of the staunchest advocates for South Korea's crypto policy. In his commitment to the 'Korean crypto industry,' he has stated that he will promote the legalization of spot ETFs for virtual assets and guide the allocation of crypto assets by large-scale Korean national pension funds, as well as build a Korean won stablecoin.
The attitudes behind these messages all point to a common result: South Korea is making a 'comeback' in the crypto market, and this time the storm it raises may be even more intense than before.
Tom Lee, Korea's new Do Kwon?
The 'comeback' of the South Korean crypto market is not limited to policy statements; it is also reflected in the actual actions of South Korean forces buying in. The 'watchlist' of South Korean investors often includes the following assets:
ETH
In the South Korean crypto market, the crypto gold here is not BTC but ETH.
According to the two major cryptocurrency exchanges in South Korea, Upbit and Bithumb, the ETH/KRW trading pairs occupied the first position in trading volume with 18.06% and 12.1%, respectively, in the past 24 hours, with a total trading volume exceeding 1.26 billion USD. Moreover, Upbit alone reached a staggering trading volume of 111.1 billion USD in ETH in July.
This is inseparable from the fact that Tom Lee, chairman of the board of the institution BitMine, which holds the most ETH, and also a Korean-American, continues to call for confidence among South Korean crypto traders.
Combined with national sentiment, media promotion, and the cryptocurrency label, Tom Lee is currently regarded by South Korean crypto traders as a figure comparable to Do Kwon, the founder of LUNA in its heyday. Even legendary trader Eugene has mentioned Tom Lee in the community.
Source: @_FORAB
BMNR
Apart from ETH, Tom Lee's significance in the hearts of South Korean traders is also reflected in the stock of BitMine, the microstrategy company for ETH, BMNR.
As of August 15, BitMine's ETH holdings exceeded 1.2 million coins, worth 5.3 billion USD, more than double that of the second-largest holder, SharpLink. According to data from the Korea Securities Depository, since July, South Korean retail investors have cumulatively net bought over 259 million USD of BMNR, making it the most popular foreign security during the same period.
In the eyes of countless South Korean traders, BitMine has already become the operator controlling the rise of ETH, while the U.S. stock asset BMNR has become a lever for ETH. Compared to ETH, BMNR has risen by as much as 66% since July 1, which better fits the high-risk preference of South Korean crypto traders.
XRP
In addition to ETH, XRP is also a major asset favored by South Korean crypto investors. In the past 24 hours, the total trading volume of XRP on Upbit and Bithumb reached 1.13 billion USD, just 100 million USD less than that of ETH.
On May 26, the XRP/KRW trading pair surpassed BTC and ETH to top the Korean market. Even more crazily, at that time, the price of XRP on Upbit rose to 265 million USD, exceeding the international market price by 3%.
On the other hand, the largest cryptocurrency exchange in South Korea, Upbit, holds over 5.9 billion XRP reserves, nearly twice that of Binance. Behind this madness, the SEC's withdrawal of the XRP securities allegations and the potential for cross-border payments attract Korean investors, while the Korean won stablecoin policy further boosts its demand, with retail investors generally optimistic about XRP's subsequent potential.
Return to the crypto stage
Driven by popular assets like ETH, BMNR, and XRP, the South Korean crypto market is returning to the crypto stage at an astonishing speed. From retail investors to institutions, from policy to culture, South Koreans seem to have regarded cryptocurrencies as a new engine for national development. However, this 'nationwide crypto trading' and high-leverage trading strategies are not without concerns.
Just yesterday, on August 14, after the U.S. released PPI data, the crypto market plummeted. Namseokhee, who had heavily bet on a previous unilateral bullish trend, saw their positions turn from profit to loss, even experiencing the largest historical loss. Despite such extreme trading strategies being not advisable, the enthusiasm of South Korean crypto traders cannot be ignored.
Source: @_FORAB
In summary, the South Korean crypto market is making a strong comeback from the 'Terra shadow,' becoming a force that global investors cannot ignore. In the near future, with the popularity of the Korean won stablecoin and the further implementation of pro-crypto policies, we are likely to witness South Korea rising to the status of 'Asia's crypto capital.'
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