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Upbit, Despite Soaring US Stock Market, Top 3 Coins 'Fall Together'... Bitcoin Collapses Below 90 Million Won Amid Trading Volume Drought
▲ Upbit Coin Market, Investor Sentiment Rapidly Cooling/AI Generated Image ©
Although the US stock market and bonds showed simultaneous strength, in Upbit, Bitcoin (BTC) fell below 90 million won during trading, and Ethereum (ETH) and XRP (Ripple) also declined, leaving only the virtual asset market excluded from the upward trend. Trading volume also failed to escape its yearly low, indicating a deepening wait-and-see attitude among investors.
At 7:10 AM KST on August 4, Bitcoin traded at 90.3 million won on Upbit, down 0.65% from the previous day. The intraday low was 89.001 million won, falling below the 90 million won mark, and the 24-hour trading volume was only approximately 84.4 billion won. Ethereum fell 2.11% to 2.64 million won, and XRP dropped 1.55% to 1,529 won. Most major assets, including Solana (SOL), also showed weakness, trading down 0.76% at 104,500 won.
The overall market decline was more pronounced in altcoins. The Upbit Composite Index fell 0.80% to 9,352.67, and the Upbit Altcoin Index dropped 1.48% to 2,381.81. The Ethereum Group decreased by 2.15%, the Upbit 10 Index by 1.20%, and the Upbit 30 Index by 1.07%. The Bitcoin Group's decline was relatively smaller at 0.59%. Among individual assets, WAX rose 10.63%, EUL 4.16%, and ADA 1.48%, but they could not change the overall downward trend of the market.
The sluggishness of virtual assets stood in stark contrast to the New York stock market. On August 3, local time, the Nasdaq Composite Index rose 2.13%, the S&P 500 Index 1.48%, and the Dow Jones Industrial Average 1.32%. This was influenced by the sharp drop in international oil prices and falling US Treasury yields after US President Donald Trump canceled plans for air strikes on Iran. However, the stock market rally was concentrated on the earnings of large technology stocks and expectations for artificial intelligence (AI) investment. In the virtual asset market, the worsening capital flow of Bitcoin spot ETFs, interest rate uncertainty, and weakening institutional buying continued, preventing the recovery of risk appetite from translating into gains.
The drought in trading volume also indicates a weakening of market strength. According to Upbit Datalab, the day's trading volume was 645.782 billion won, and the 24-hour trading volume was 680.082 billion won, an increase of 4.84% from the previous day. However, looking at the one-year trend, it still remains at a low level. Among the 24-hour trading volume, Tether (USDT) accounted for the largest share at 14.88%, followed by Bitcoin at 12.45%, XRP at 7.57%, and Ethereum at 5.90%. Upbit's trading volume, according to CoinGecko, also increased slightly but fell far short of $1 billion, making it difficult to consider it a full-fledged return of investors.
The future trend is expected to be determined by whether Bitcoin recovers to 90 million won and if trading volume increases. If the intraday low around 89 million won is breached again, bearish sentiment could spread to altcoins; conversely, a stable settlement above 91 million won and a revival in trading volume are necessary to increase the reliability of a short-term rebound. The fact that coins fell despite the strong New York stock market shows that the current market is more sensitive to spot ETF supply and demand, institutional funds, and its own trading liquidity than to macro-economic positives. As long as trading volume fails to escape its yearly low, a differentiated market is likely to continue, with selective surges in some altcoins coexisting with weakness in major coins.
*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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