Upbit Coin Market on 'Thin Ice' as US Treasury Yields Soar... Bitcoin Falls, Trading Volume 'Plummets'

▲ 'Quiet market' amid sharp drop in trading volume... Upbit market held its breath. Bitcoin, XRP, and other major altcoins in a wait-and-see market/AI generated image ©

As soaring US Treasury yields and a weakening New York stock market once again weighed on the virtual asset market, Upbit, the largest domestic virtual asset exchange, also showed an overall downtrend. Bitcoin (BTC) fell to the 112 million won range, and major Upbit market indices also declined across the board. In particular, with 24-hour trading volume plummeting by 17.93% compared to the previous day, indicating a clear contraction in investor sentiment, XRP (Ripple) maintained its position as the top trading volume asset, continuing to attract investor interest.

According to Upbit at 5:41 PM on September 30, Bitcoin fell to 112,812,000 won, a 0.68% decrease from the previous day. The high for the day was 113,590,000 won, and the low was 112,733,000 won, pushing it down to the 112 million won range during trading hours. Ethereum (ETH) fell by 0.30% to 3,626,000 won, Solana (SOL) by 0.87% to 160,300 won, and Dogecoin (DOGE) by 0.79% to 126 won. The Upbit Composite Index also dropped by 0.52%, with the Bitcoin Group down 0.68%, Ethereum Group down 0.41%, Upbit10 down 0.50%, and Upbit30 down 0.48%, indicating continued weakness centered on large-cap virtual assets.

Key variables pressuring the virtual asset market are US Treasury yields and inflation uncertainty. As the US 10-year Treasury yield surged to its highest level since 2007, the relative investment attractiveness of risk assets, including Bitcoin which does not pay interest, decreased. The US stock market also fell under the burden of high interest rates, with the Dow Jones Industrial Average down 0.26%, the S&P 500 down 0.17%, and the Nasdaq Index down 0.08%. Furthermore, profit-taking after the recent rise in virtual assets further weakened the market's upward momentum. Investors are closely watching the impact of major economic indicators, including the US Personal Consumption Expenditures (PCE) price index, on future interest rate paths and Treasury yields.

In the domestic market, the contraction in trading was more prominent than the price decline. At the same time, according to Upbit Datalab, the 24-hour trading volume was approximately 1.6 trillion won, a 17.93% decrease compared to the previous day, and the daily trading volume recorded 604.655 billion won. In terms of trading volume share, XRP took the lead with 14.67%, followed by SOON with 7.25%, Bitcoin with 5.34%, Tether (USDT) with 5.14%, and Ethereum with 4.46%. In the Upbit KRW market, XRP rose by 0.35% to 2,031 won, recording a trading volume of approximately 243.05 billion won, maintaining its top trading position. Even as overall market trading decreased, domestic investors' interest in XRP remained relatively strong.

Amidst the bear market, some altcoins showed selective strength. SOON rose by 7.87% to 603 won, 0G (ZeroG) by 4.72% to 466 won, FOLKS (Interfold) by 4.46% to 93.7 won, Worldcoin (WLD) by 3.35% to 679 won, and NEAR Protocol (NEAR) by 3.24% to 6,850 won. In terms of weekly gains, SOON was the highest with 126.89%, followed by ARK with 74.89%, PUMP with 41.64%, and 0G with 37.98%. However, as the Upbit Composite Index and large-cap coin indices all fell, and overall trading volume decreased, this is interpreted as a selective market where short-term funds are concentrated in certain assets rather than a recovery in overall market risk appetite.

This week, the virtual asset market is highly likely to react sensitively to US inflation and employment data, as well as movements in Treasury yields. In the global market, whether Bitcoin maintains the $80,000 level is considered a key observation point, with analysis suggesting that if it continues to fall below $80,000, the bear market could prolong. Domestically, it is necessary to check whether Bitcoin can defend the 112 million won level and if the plummeting Upbit trading volume recovers. If US Treasury yields remain high and trading volume does not recover, the rebound momentum for large-cap coins will be limited, and an unstable market where only some altcoins move is likely to continue.

*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.*