Written by: Umbrella
Recently, two traders in the South Korean crypto market became the focus of discussion due to their astonishing performances.
The trader with the username Namseokhee (南石熙) bets on altcoins with high leverage contracts on Binance, increasing the long positions from 75 to 105 in two weeks, with returns soaring from 134 times to 1400 times, while their initial margin was less than $3,000.
Image Source: @_FORAB
Another trader, Ohtanishohei (大谷西平), is a staunch E-Guardian, continuously increasing his positions in ETH contracts over the past two weeks, with profits rising from $1.57 million to a maximum of $3.37 million.
Their dazzling achievements not only ignited the enthusiasm of Korean investors but also attracted the world's attention to this vibrant market.
In the past six months, the South Korean market has been mentioned more frequently in the crypto field, and its rise is not coincidental. In 2024, the five major cryptocurrency exchanges in South Korea surpassed $74.8 billion in asset management scale, managing assets worth $73 billion, with daily trading volumes exceeding those of South Korea's two major stock exchanges.
As the largest cryptocurrency exchange in South Korea, Upbit's daily trading volume once exceeded $10.2 billion, a year-on-year increase of 94.5%. Even more noteworthy is that the KRW accounts for 37% of global fiat currency trading against cryptocurrencies, second only to the US dollar.
These numbers indicate that South Korea is not only a hub for crypto trading in Asia but also holds an increasingly significant market position in the global arena.
Betting on altcoins, the whole nation trading cryptocurrencies
When mentioning South Korea, many crypto investors may have a negative first impression. In 2022, the Terra project founded by South Korean trader Do Kwon once reached a market cap of $40 billion but instantly went to zero due to the algorithmic stablecoin going out of control, causing South Korean investors to lose over $6 billion, with BTC affected, dropping from $40,000 in early May to $17,000 within two months.
This event led to a 30% drop in trading volume for the two major cryptocurrency exchanges in South Korea, Upbit and Bithumb, and the KRW's share of global crypto trading fell from 40% to 25%. Along with this decline, South Korea's position in the crypto market also diminished.
As we enter the second half of 2024, multiple altcoins have skyrocketed in price after being listed on Korean exchanges, and this phenomenon continues to this day. Recently, CYBER was listed on the Korean exchange Upbit, with the price soaring more than 130% in a single day, and trading volume surging by 500%, with its market cap briefly exceeding $170 million.
This data reflects the enthusiasm of South Korean crypto investors, which may far exceed our imagination. This can also be corroborated by the composition of South Korean crypto investors.
According to the latest report from the Hanwha Financial Research Institute (Trends of Virtual Asset Investment among the 20-50 Generation), among 1,000 financial investors aged 20-50, 27% hold cryptocurrencies, accounting 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, by November 2024, 30% of South Korean residents had opened accounts on cryptocurrency exchanges, and two out of every ten government officials held cryptocurrencies.
Behind the phenomenon of 'everyone trading cryptocurrencies' in South Korea is the current social background and the government's changing attitude towards crypto.
Currently, young people in South Korea are facing unprecedented social pressure.
According to data released by the Korean National Statistical Office, the youth unemployment rate in South Korea reached 5.5% in July 2025. South Korean youth generally have a pessimistic view of the economic outlook, and with the upward promotion channels almost completely locked, countless young Koreans see cryptocurrencies as the only opportunity for class transition.
This also explains why the trading strategies of Korean crypto traders generally lean towards high-leverage trading; in popular Korean cultural works, certain classic lines also reflect this social phenomenon.
Image Source: Popular Korean TV Series (Squid Game 2)
Regarding the Korean government's attitude towards the crypto market, the biggest positive news for Korean traders recently is Lee Jae-myung's ascent to the presidency.
Lee Jae-myung is not only a winner in the political arena but also one of the staunchest advocates of South Korea's crypto policy. In his commitment to the 'Korean crypto industry', he pointed out that he would promote the legalization of virtual asset spot ETFs and guide large-scale allocations of the national pension fund to crypto assets, as well as build KRW stablecoins.
The attitudes behind these messages point to a common result: South Korea is making a 'comeback' in the crypto market, and this storm may be more intense than ever before.
Tom Lee, the new Do Kwon of South Korea?
The 'comeback' of the Korean crypto market is not only reflected in policy statements but also in the actual actions of Korean forces buying in. The 'self-selected' lists of Korean investors often include the following targets:
ETH
In the South Korean crypto market, the crypto gold here is not BTC but ETH.
According to data from South Korea's two major cryptocurrency exchanges, Upbit and Bithumb, in the past 24 hours, the ETH/KRW trading pair accounted for 18.06% and 12.1% of the trading volume respectively, with a total trading volume exceeding $1.26 billion. Moreover, Upbit alone reached an astonishing ETH trading volume of $111.1 billion in July.
This is inseparable from the continuous calls from Tom Lee, the chairman of the board of BitMine, which holds the most ETH, and a Korean-American, injecting confidence into Korean crypto traders.
With the overlay of national sentiment, media promotion, and the cryptocurrency label, Tom Lee is currently seen by Korean crypto traders as comparable to the founder of LUNA, Do Kwon, back in the day. Even legendary trader Eugene mentioned Tom Lee in the community.
Image Source: @_FORAB
BMNR
Besides ETH, Tom Lee's importance in the hearts of Korean traders is also reflected in the stock BMNR of the ETH micro-strategy company BitMine.
As of August 15, BitMine holds over 1.2 million ETH, valued at $5.3 billion, more than double that of the second-ranked SharpLink. According to data from the Korea Securities Depository, retail investors in South Korea have cumulatively net bought over $259 million of BMNR since July, making it the most popular foreign security during the same period.
In the eyes of countless Korean traders, BitMine has become the operator controlling the rise of ETH, while the US stock BMNR has become the leveraged ETH. Compared to ETH, BMNR has seen a maximum increase of 66% since July 1, which aligns better with the high-risk preferences of Korean crypto traders.
XRP
Besides ETH, XRP is also a major target for South Korean crypto investors. In the past 24 hours, the total trading volume of XRP on Upbit and Bithumb reached $1.13 billion, just $100 million less than ETH.
On May 26, the XRP/KRW trading pair surpassed BTC and ETH to top the KRW market. Even crazier, at that time, the XRP price on Upbit rose to $265 million, exceeding the international market price by 3%.
On the other hand, Upbit, the largest cryptocurrency exchange in South Korea, holds over 5.9 billion XRP reserves, nearly double that of Binance. Behind this crazy phenomenon is the SEC's withdrawal of the XRP securitization accusation and the cross-border payment potential attracting Korean investors, while the KRW stablecoin policy further boosts its demand, with retail investors generally optimistic about XRP's future potential.
Re-entering the crypto stage
Driven by popular targets such as ETH, BMNR, and XRP, the Korean crypto market is returning to the crypto stage at an astonishing speed. From retail to institutional, from policy to culture, it seems that Koreans have regarded cryptocurrencies as a new engine for national development. However, this 'everyone trading cryptocurrencies' and high-leverage trading strategy is not without concerns.
Just yesterday, on August 14, after the US released PPI data, the crypto market crashed. The positions of Namseokhee, who had heavily bet on the previously bullish market, have flipped from profit to loss, even experiencing the largest historical loss. Although such extreme trading strategies are not worth advocating, the enthusiasm of Korean crypto traders cannot be ignored.
Image 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 proliferation of KRW stablecoins and the further implementation of pro-crypto policies, we are likely to see South Korea rise to the status of 'Asia's crypto capital'.
