30% Of Global Crypto Trading is Coming from South Korea, Research Finds
Won-denominated trades have accounted for 30% of all spot cryptocurrency quantity globally thus far in 2026, placing Korea second solely to the US greenback market, in line with analysis agency Kaiko. The nation’s 52 million individuals now produce round $26 billion in weekly crypto turnover.
The surge runs alongside a parallel growth in Korean equities, the place the iShares MSCI South Korea ETF (EWY) has returned over 37% year-to-date via March 11, 2026, fueled by demand for the reminiscence chips powering the worldwide AI buildout.
Korean Crypto Volume Concentrated on Two Venues
Korea’s home crypto market is focused on two exchanges, Upbit and Bithumb. Together, these exchanges deal with many of the nation’s roughly $26 billion in common weekly turnover from 2024 via 2026, based mostly on Kaiko data.
Altcoins drive the majority of exercise. About 85% of weekly Korean crypto trades circulate into tokens outside Bitcoin, pointing to home urge for food for higher-volatility property over the majors.
Despite the headline quantity, Korean order books stay thinner than Japan’s. Upbit exhibits roughly $1 million to $1.2 million in market depth, whereas Tokyo-based Bitflyer holds about $3.5 million throughout its books.
Japan’s market trades smaller but steadier, with Yen-denominated quantity sitting at $2 billion to $3 billion month-to-month throughout 4 venues.
The cut up highlights Korea’s retail-driven, high-velocity character towards Japan’s deeper institutional liquidity.
AI Memory Cycle Drives Record EWY Call Positioning
The crypto exercise coincides with a document rally in Korean tech equities. EWY, the most important US-listed Korea ETF from iShares, returned greater than 37% within the first quarter of 2026. Samsung Electronics and SK Hynix accounted for roughly 45% of holdings.
Options positioning suggests merchants count on the rally to increase. Call open curiosity (purchase orders) on EWY climbed to about $5.5 billion in notional worth, the very best stage on document and properly above prior peaks reached in 2015 and 2021.
The driver is high-bandwidth reminiscence (HBM), the chip variant required for AI coaching methods. Samsung and SK Hynix dominate international HBM provide, putting Korean industrial output on the middle of each main knowledge middle growth this cycle.
“When name open curiosity explodes like this, it means merchants are making MASSIVE leveraged bets {that a} inventory is about to tear increased…This is the form of positioning that solely occurs when large gamers see one thing coming. And right here’s the important thing half most individuals miss: Samsung and SK Hynix make up 45% of EWY. Both are on the middle of the AI reminiscence chip cycle. This isn’t actually a Korea guess, however it’s a leveraged AI guess via a distinct door,” an analyst commented.
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Same AI Demand Repricing US Energy Markets
The similar infrastructure cycle is repricing energy markets 1000’s of miles away. Regional Greenhouse Gas Initiative (RGGI) carbon allowances rose 31% over the previous week to $47 per metric ton, hitting a four-year high.
The program covers energy plant emissions throughout ten Northeastern US states.
That stage briefly exceeded California’s $44 document from 2024, an uncommon inversion given RGGI has traditionally traded at a reduction to the West Coast benchmark.
Virginia’s deliberate reentry into this system in July is anticipated to additional raise demand, because the state hosts a high focus of AI knowledge facilities.
For Korean buyers and merchants, the read-through is direct. The AI demand that lifts US energy costs is the identical demand that inflates Samsung’s order e book, drives EWY name positioning, and in the end circulates via Korean crypto venues as retail threat urge for food.
Whether the Korean Won retains its place because the world’s second-largest fiat-to-crypto market will depend on how sturdy the AI capex cycle proves to be via 2026. Q2 earnings from Samsung and SK Hynix will provide one of many clearest near-term alerts.
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