Upbit and Bithumb Lose Half of Revenue
South Korea’s two largest crypto exchanges are facing a sharp slowdown in market activity. Dunamu, the parent company of Upbit, reported a 49.1% year-over-year decline in first-half operating revenue to 408.1 billion won ($289 million), while operating profit plunged nearly 80%. Bithumb reported a similar downturn, with revenue falling 48.7% to 168.8 billion won ($120 million) and operating profit dropping 83.4%. The exchange also swung to a $77 million net loss. Combined trading volume across South Korea’s five fully licensed crypto exchanges fell 49.5% year over year in Q2 to $146.4 billion. The Block attributed the contraction to weaker global crypto liquidity and capital shifting toward South Korean equities. For xbit.money users, the figures highlight how liquidity and trading activity can influence crypto market conditions and exchange rates. Track current crypto rates with xbit.money.