According to research firm Kaiko, won-denominated trades have accounted for 30% of the global spot trading volume in crypto assets so far in 2026, making Korea the second-largest market after the USD. In a market of 52 million people, there are currently about $26 billion in crypto transactions weekly.

With the crypto market buzzing, there's a wave hitting Korean stocks too. The iShares MSCI South Korea ETF (EWY) has recorded over 37% returns year-to-date from January to March 11, 2026. This surge is driven by the growing demand for memory semiconductors supporting global AI development.

Crypto trading in South Korea is concentrated in two exchanges.

South Korea's domestic crypto market is concentrated in two exchanges: Upbit and Bithumb. The total trading volume of both exchanges accounts for a significant portion of South Korea's average weekly trading volume of about $26 billion from 2024 to 2026 (Kaiko data).

Altcoins are driving the main trades. About 85% of crypto trading in South Korea is flowing into tokens other than Bitcoin, showing strong interest in high-volatility assets domestically.

While trading volume is high, the thickness of South Korea's order book is thinner than Japan's. Upbit's market depth is around $1 million to $1.2 million, while Tokyo's Bitflyer reaches approximately $3.5 million.

The trading volume in the Japanese market is small but stable. The monthly trading volume in yen hovers around $2 billion to $3 billion across four exchanges.

This difference highlights the characteristics of South Korea's retail-driven, high-turnover trading versus Japan's institution-led thick liquidity.

The AI memory cycle has pushed EWY call open interest to record levels.

The boom in this cryptocurrency correlates with the all-time high rally of South Korean tech stocks. The largest U.S.-listed South Korean ETF, EWY, managed by iShares, recorded returns exceeding 37% in Q1 2026. Samsung Electronics and SK Hynix account for about 45% of the total.

The expectation for a continued rally is evident from the options positions. EWY's call open interest (buy orders) has reached $5.5 billion, significantly surpassing the peaks of 2015 and 2021, marking an all-time high.

The main driving force is the 'High Bandwidth Memory (HBM)' required for AI training chips. Samsung Electronics and SK Hynix lead the world in HBM supply, playing a central role in the current cycle of data center investment expansion.

"The surge in call open interest indicates that investors are betting with massive leverage on rising stock prices. This move is often seen when institutional investors sense a change. Notably, Samsung Electronics and SK Hynix account for 45% of EWY, placing them at the core of the AI memory chip cycle. This can be viewed as leverage investment in the AI sector rather than just South Korea," - Analyst's comments < .

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AI demand is also causing price fluctuations in the U.S. energy market.

The same infrastructure demand cycle is impacting the U.S. power market from afar. The carbon allowance price for the Regional Greenhouse Gas Initiative (RGGI) in ten northeastern U.S. states has increased by 31% over the past week, hitting $47 per ton, a four-year high.

This program covers emissions from power plants in ten northeastern U.S. states.

This level has briefly surpassed California's 2024 record ($44). Traditionally, RGGI has often traded at a discount compared to West Coast benchmarks, making this reversal phenomenon unusual.

Virginia is set to rejoin the program in July, and with AI data centers congregating in the state, further demand growth is expected.

For South Korean investors and traders, this impact is direct. The phenomenon of rising power prices due to AI demand in the U.S. also affects Samsung Electronics' orders, EWY call investments, and ultimately impacts risk appetite in South Korea's crypto trading.

Whether the South Korean won can maintain its status as the second-largest fiat currency market for crypto globally depends on how long the AI investment cycle lasts until 2026. The Q2 earnings of Samsung and SK Hynix will serve as one of the clearest signals for the near future.