Upbit November Data Bottoms Out: Korean Market Cools Down, but Profitability Is Underestimated?

2025-12-12 05:32:25

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【Crypto Rhythm】 Latest data shows that Upbit’s spot trading volume in November reached $64 billion, ranking second to last among mainstream centralized exchanges, just slightly above Kraken. A direct comparison is more intuitive: approximately one-tenth of a leading exchange, and two-thirds of a compliant platform.

User-side data is also not very optimistic. In November, Upbit’s app downloads totaled 226,000, and web visits reached 8.21 million, placing it at the bottom among mainstream exchanges.

But this can’t all be blamed on Upbit. The Korean market has experienced a crypto winter this year, with local users’ enthusiasm for trading significantly waning, which directly affected platform performance. However, on the other hand, Upbit’s parent company Dunamu is about to go public in the US, with a current valuation of $10.3 billion.

Interestingly, although trading volume and traffic data are not impressive, Upbit’s profitability is actually quite strong—more profitable than some compliant platforms, yet its valuation is only one-seventh of theirs. This move to go public in the US clearly indicates high investment value, as the data already tells the story.

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