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▲ Upbit, Bitcoin, XRP ©
Last week, the Upbit market saw its trading volume increase to 6 trillion won, but major virtual assets and most sectors declined together, signaling a clear bear market. While Bitcoin (BTC) and Ethereum (ETH) fell by 4-5%, only some small and medium-sized altcoins like Pearl (PRL) saw double-digit gains, indicating extreme market differentiation.
According to the Upbit Datalab weekly report (July 27 - August 2) provided by Dunamu, the Upbit Composite Index (UBCI) recorded 9,428.49, a 4.09% decrease from the previous week. The index, which had risen by 0.21% the previous week, fell sharply, indicating a general market weakness. In contrast, the weekly trading volume increased by 6.18% to 6.06 trillion won. The Fear & Greed Index dropped 3 points from the previous week to 45, remaining in the 'Neutral' zone, but investor sentiment further contracted.
Tether (USDT) ranked first in trading volume with 920 billion won. Bitcoin was second with 480 billion won, and XRP (Ripple) was third with 430 billion won. While Bitcoin was the top in trading volume the previous week, stablecoin Tether took the lead last week. This is interpreted as investors strengthening their defensive responses, with trading concentrating on stable assets amidst price declines.
All top 5 virtual assets by market capitalization declined. Ethereum saw the largest drop at 5.07%, followed by Bitcoin at 4.39% and XRP at 3.96%. USD Coin (USDC) and Tether also fell by 1.65% and 1.58% respectively. In contrast, Pearl surged by 35.59% over the week, taking the top spot in gains, followed by IRYS at 18.23% and PRO at 14.96%. While large assets collectively retreated, short-term buying interest appears to have focused on some small and medium-sized altcoins.
By sector, Decentralized Exchanges (DEX) showed virtually the only strength, rising by 0.76%. Among the top gainers, Aggregators fell by 2.74%, Real World Assets (RWA) and stablecoin-related assets by 3.69% each, and Modular Blockchain by 4.09%. In the bearish sectors, Interoperability & Bridges plummeted by 15.82%, Crowdfunding by 15%, Advertising by 13.93%, Liquid Staking & Restaking by 13.31%, and Data Infrastructure by 12.39%. The rapid decline of Data Infrastructure and Interoperability & Bridges, which had led the previous week's rally, indicates an accelerated pace of theme rotation.
Ultimately, last week's Upbit market showed a bearish trend where increased trading volume did not translate into a recovery in buying interest, but rather an increase in transactions during the decline. Considering that major virtual assets and most sectors declined together, and Tether ranked first in trading volume, it is difficult to say that overall market risk appetite has recovered. For the time being, a selective market centered on assets with individual catalysts and supply/demand, like Pearl and IRYS, may continue, but caution is needed regarding increased volatility when chasing rapidly rising assets.
▲ [Dunamu] Upbit Datalab Weekly Report 0727-0802
Meanwhile, Upbit Datalab is a specialized data service provided by Dunamu, which operates the digital asset exchange Upbit. It offers standard indicators for fundamental analysis of the virtual asset market, including the Upbit Composite Index (UBCI), market trends, and sector classification. The composite index is calculated with October 1, 2017, as the base point (1000), and the Fear & Greed Index is derived by synthesizing 24-hour execution price and trading volume data within Upbit every 5 minutes.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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