Despite concerns about the credibility of the local crypto market, trading activity has risen as Bithumb’s market share climbed to around 30%. CoinGecko data released on Tuesday shows Bithumb’s share at 30.8% as of 8 p.m. the previous day. The share is measured by the 24-hour trading volume across Korea’s five major exchanges—Upbit, Bithumb, Coinone, Korbit, and GOPAX.
Bithumb’s share had been 28.5% on the 6th, slipped to 23.0% on the 7th–8th amid the Bitcoin mispayments, and by the 9th had risen above 30%. In contrast, Upbit, Korea’s largest exchange, saw its share fall from 72.8% on the 7th to 57.3% on the 8th and 54.9% on the 9th. The near-monopoly-like status of Upbit, with its share in the 50% range for two consecutive days, is unusual.
Analysts attribute the Bithumb rise to the decision on the 9th at 00:00 to waive trading fees on all assets for a week. Bithumb typically charges about 0.25% per trade, but the company is reportedly absorbing the revenue impact. Separately, Korbit began an USDC-related promotion targeting large USDC trades, offering USDC rewards to participants.
Industry sources noted that while there is chatter about a ‘ghost Bitcoin’ in ledger transactions, actual coin traders view the incident as a non-event. They said fee reductions or waivers are the easiest form of marketing, and even a small decrease can prompt a mass movement among investors. Others cautioned that market shares are highly volatile and require a few more days to confirm, but early signs suggest Bithumb’s customer retention remains strong.
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