DigitalToday: The landscape of South Korean virtual asset exchanges is changing, with Upbit's concentration somewhat easing.

According to Odaily Odaily, Upbit's long-dominant position in the South Korean virtual asset exchange market saw some easing in the fourth quarter of 2025, while Bithumb's market share relatively increased. CoinGecko data shows that in the fourth quarter of 2025, the total trading volume of the five major South Korean won exchanges was approximately $277.9 billion, of which Upbit's trading volume was approximately $180.7 billion, accounting for 65.0%, lower than the nearly 80% level at the end of 2024; Bithumb's trading volume during the same period was approximately $86.5 billion, accounting for 31.1%, a significant increase from the previous period.

The report states that other exchanges have a relatively low trading share, with Coinone, Korbit, and Gopax combined holding less than 4% of the market. Against this backdrop, competition among South Korean exchanges is gradually shifting from fee-based and promotional strategies to brand building and marketing. Industry insiders say that with liquidity highly concentrated on leading platforms, large-scale marketing serves primarily to maintain traffic and trading volume, while the overall market structure remains dominated by the top exchanges. (DigitalToday)