Upbit's 600 Billion Won Trading Volume on the Brink of Collapse... Market 'Chilly' Despite Bitcoin Rebound

Upbit's 600 Billion Won Trading Volume at Risk... Investor Sentiment Cooled Despite Bitcoin Rebound

▲ Upbit Coin Rebound/AI Generated Image ©

Despite geopolitical tensions in the Middle East, the US stock market closed higher, and major cryptocurrencies, including Bitcoin, rebounded simultaneously. However, Upbit's trading volume sharply decreased to around 600 billion won, indicating that investor sentiment is struggling to recover.

According to Upbit as of 7:12 AM on the 10th, Bitcoin was trading at 94,459,000 won, up 1.66% from the previous day, recovering the 94 million won mark. It continued its rebound, rising to 94.75 million won during the day. Most major altcoins also showed strength, with XRP rising 0.49% to 1,636 won, Ethereum (ETH) up 0.23% to 2.61 million won, Stellar Lumens (XLM) up 2.95%, Kaito (KAITO) up 1.72%, and Observer (OP) up 5.08%. On the other hand, Solana (SOL) fell 14.14%, concentrating profit-taking sales.

This rebound is interpreted as being influenced by the risk-on sentiment in the US stock market. On the 9th (local time), the New York stock market closed higher, driven by strong semiconductor stocks and falling international oil prices, despite ongoing tensions between the US and Iran. The Dow Jones Industrial Average rose 0.27%, the S&P 500 index rose 0.81%, and the Nasdaq rose 1.30%. Micron's large-scale investment plans and Meta's AI chip expansion plans led a tech stock rally, and risk asset investment sentiment also improved.

However, despite the price increase, trading activity did not recover. According to Upbit Datalab, Upbit's 24-hour trading volume sharply decreased by 34.56% in one day to 628.723 billion won. The trading volume for the day also remained at 597.13 billion won, threatening even the 600 billion won mark. Compared to last year, trading volume has significantly decreased, and new capital inflow appears limited despite the rebound.

Looking at the distribution of trading volume, Bitcoin accounted for the highest proportion at 10.48%, followed by XRP at 8.66%, Solana at 8.13%, Ethereum at 7.01%, and Tether (USDT) at 6.43%. The Upbit Composite Index rose 1.18% to 9,769.23, the Upbit Altcoin Index rose 0.62%, the Upbit 10 Index rose 1.02%, and the Upbit 30 Index rose 1.08%, indicating overall market strength.

Experts believe that whether Bitcoin can stabilize at 94 million won and whether trading volume recovers will be key variables determining the continuation of the rebound for the time being. While there is room for improved investor sentiment if risk-on sentiment in the US stock market continues and international oil prices remain stable, it is difficult to rule out the possibility that the current rebound will remain a limited technical rebound if the decrease in trading volume persists.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*