Today’s wave of copycats has made me want to watch Korean money even more
Over the past two days, the market suddenly got hot—coins like $XRP, ENA, and HYPE have all been moving. But after I just finished looking at data from Korean exchanges, what made me pause and take a second look wasn’t how much any single coin had pumped. It was that Korean retail traders have clearly started coming back.
Upbit’s 24-hour trading volume surged by about 273% at one point, reaching $1.84 billion—the highest since mid-March. Bithumb was up about 133% as well. Even more interesting: on both exchanges, the most actively traded asset isn’t BTC—it’s $XRP.
I think this is more worth watching than “the altseason is here.” Because in the past few months, a large amount of Korean capital has been chasing local stocks. Now, with the KOSPI down roughly 30% from its June peak, some of the money that chased yield is starting to look for opportunities back in crypto. Reuters also noted that Korean retail traders previously suffered very heavy losses in high-leverage stock products.
But I won’t jump straight to calling it “altseason” just yet. According to CoinDesk, BTC’s market share is still around 59.8%, while the Altseason Index is only 33. That suggests this is more like coins with catalysts that are rising first—not every alt coin lifting the entire cart together.
So going forward, I’ll watch two things: whether Upbit’s trading volume can stay elevated for several consecutive days, and whether $XRP can continue to hold the top-tier position in the Korean market by trading activity. If Korean retail really keeps flowing back, this alt-cyclical wave may have a second leg. If the volume drops quickly, then it looks more like chasing gains rather than a true rotation of capital. #比特币创2023年3月来最佳周表现 #XRP’
Over the past two days, the market suddenly got hot—coins like $XRP, ENA, and HYPE have all been moving. But after I just finished looking at data from Korean exchanges, what made me pause and take a second look wasn’t how much any single coin had pumped. It was that Korean retail traders have clearly started coming back.
Upbit’s 24-hour trading volume surged by about 273% at one point, reaching $1.84 billion—the highest since mid-March. Bithumb was up about 133% as well. Even more interesting: on both exchanges, the most actively traded asset isn’t BTC—it’s $XRP.
I think this is more worth watching than “the altseason is here.” Because in the past few months, a large amount of Korean capital has been chasing local stocks. Now, with the KOSPI down roughly 30% from its June peak, some of the money that chased yield is starting to look for opportunities back in crypto. Reuters also noted that Korean retail traders previously suffered very heavy losses in high-leverage stock products.
But I won’t jump straight to calling it “altseason” just yet. According to CoinDesk, BTC’s market share is still around 59.8%, while the Altseason Index is only 33. That suggests this is more like coins with catalysts that are rising first—not every alt coin lifting the entire cart together.
So going forward, I’ll watch two things: whether Upbit’s trading volume can stay elevated for several consecutive days, and whether $XRP can continue to hold the top-tier position in the Korean market by trading activity. If Korean retail really keeps flowing back, this alt-cyclical wave may have a second leg. If the volume drops quickly, then it looks more like chasing gains rather than a true rotation of capital. #比特币创2023年3月来最佳周表现 #XRP’