Bitcoin has cooled significantly as crypto volume crashes to one-tenth of last year, even as the price nears $94,000. Trading activity on Korea’s five major domestic exchanges—Upbit, Bithumb, Coinone, Korbit, and GoPax—averaged about $1.8 billion in daily volume last month, roughly 15% of December 2024’s $12.1 billion. By the sixth day of this month, daily volume stood around $1.9 billion, about a quarter of January last year when volumes reached roughly $8.1 billion. The trend shows that price gains no longer reliably translate into higher volumes.
Industry insiders note a pronounced liquidity drought, with the market lacking both buyers and sellers, even in uptrends that would normally boost activity by two to three times. This indicates that gains in price are not accompanied by corresponding trading interest.
Analysts attribute this to the broader macro backdrop as a key driver. A rally in domestic stocks, combined with investor fatigue, appears to be pulling funds away from virtual assets. The market now resembles a stagnant pool with little fresh inflow, complicating hopes for a quick rebound.
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