South Korean crypto exchange Upbit processed an estimated 1.15 trillion won, or approximately $830 million, during one hour of volatile trading on Aug. 22.
Summary
- Upbit processed an estimated 1.15 trillion won during the volatile hour beginning 05:00 UTC Saturday.
- Twenty-four-hour Upbit volume reached $3.818 billion, according to data cited by Wu Blockchain during volatility.
- XRP generated 32.20% of Upbit volume, ahead of TRUMP at 10.93% and Tether at 8.39%.
- CoinGlass data showed $523 million liquidated within one hour, including $448 million from long positions.
- Upbit’s volume rebound followed a 273% daily increase to approximately $1.84 billion on August 21.
The volume spike occurred around 05:00 UTC, when Bitcoin, XRP and other major cryptocurrencies recorded abrupt downward price wicks before recovering part of their losses. The resulting liquidations and rapid repositioning drove spot activity higher across South Korea’s largest exchanges.
Upbit volume accelerated during the flash crash
Upbit’s rolling 24-hour volume reached approximately $3.818 billion during the volatility, according to the figures published on X. Bithumb recorded about $1.954 billion, while Coinone processed approximately $172 million.
These numbers were snapshots from rolling 24-hour periods. They change continuously as older transactions leave the measurement window. They should not be treated as audited revenue or final daily figures from the exchanges.
The activity extended a recovery that began before the flash crash. As crypto.news reported, the preceding Bitcoin rally lifted Upbit’s daily volume by 273% to approximately $1.84 billion on Aug. 21, based on CoinGecko data.
That was Upbit’s highest reported daily volume since mid-March. Bithumb’s activity also climbed 132.9% to approximately $934.9 million during the earlier measurement period.
XRP and TRUMP led Upbit trading activity
XRP accounted for 32.20% of Upbit’s measured volume during the surge, according to Upbit Datalab figures cited by market-data publications. TRUMP followed with 10.93%, while USDT represented 8.39%.
Ether and Bitcoin accounted for 5.44% and 5.40%, respectively. The distribution shows that the increase was not driven solely by Bitcoin, even though its broader market rally helped restore trading interest.
XRP had risen strongly before the reversal. It gained more than 14% on Aug. 21 and briefly traded above important moving averages. In related coverage, crypto.news reported that XRP closed above its 50-day and 200-day averages before the market-wide liquidation event.
The concentration also illustrates Upbit’s importance to XRP liquidity. Korean won-denominated XRP markets have regularly generated more turnover than the exchange’s Bitcoin pairs during periods of heightened retail activity.
Leveraged positions amplified the downward wick
The broader market move triggered approximately $523 million in liquidations within one hour, according to data attributed to CoinGlass. Long positions accounted for about $448 million, while short liquidations reached $74.76 million.
Across the measured 24-hour period, liquidations reportedly approached $1.8 billion and affected more than 286,000 traders. The largest identified single liquidation was a BTC-USD position worth approximately $24.96 million on Hyperliquid.
Those figures suggest that forced position closures intensified the decline. When prices fall through liquidation thresholds, derivatives exchanges automatically close leveraged long positions. Those market sales can push prices lower and trigger another round of liquidations.
No verified exchange statement identified a technical fault at Upbit as the cause. Available evidence points to a broader market deleveraging event rather than an isolated Upbit malfunction. The precise order or trade that initiated the move has not been publicly established.
Korean activity rebounded from a weak first half
The sharp increase followed months of declining South Korean exchange activity. Trading across the country’s five won-based exchanges fell 54.6% during the first half of 2026 compared with the previous year.
Upbit nevertheless strengthened its domestic position. Its share of trading across the five exchanges reached approximately 67.4% in July, concentrating much of the market’s returning liquidity on one platform.
The rebound does not yet establish a sustained recovery. A single volatile session can inflate exchange volume because the same assets may change hands repeatedly as traders enter, exit and hedge positions.
Attention will now turn to whether Upbit’s activity remains elevated after the liquidation-driven turnover leaves the 24-hour calculation. Traders will also watch XRP and other heavily traded assets for renewed price gaps, thinner order books or another increase in leveraged positions.
