Speculation Rises on New Listings as Traders Eye Mid-Cap Moves

Last week, Korean exchanges introduced a small but notable batch of new listings, with Upbit adding Optimism (OP) and Omni Network (OMNI), while Bithumb listed Chainbase (C).

Upbit maintained a dominant lead in trading activity, regularly capturing the majority of daily volume and peaking close to $10B on multiple days between July 23–25. In contrast, Bithumb’s volume remained far lower, with only modest spikes during market-wide rallies. XRP once again topped both exchanges’ charts — $2.83B on Upbit and $1.21B on Bithumb — underscoring its enduring popularity among Korean retail traders.

On Upbit, ETH ($1.46B) and BTC ($1.10B) followed, while newer names like STRIKE ($646M), ENA ($598M), and OMNI ($563M) reflected strong speculative interest. Bithumb’s rankings mirrored some of these trends, with ETH, BTC, and ENA all in the top five. Meme token PENGU secured $329M in volume on Bithumb and $360M on Upbit, signaling its growing cross-platform traction. Overall, while both platforms aligned on core liquidity leaders, Upbit’s breadth in trending mid-cap assets continues to set it apart as the dominant force in Korea’s crypto trading landscape.

2. Exchanges

2-1. Newly Listed Coins

Last week, major Korean exchanges introduced several new listings:

• Upbit listed Optimism and Omni Network.
• Bithumb listed Chainbase.

Key Marketing Strategies & Takeaways

🔹 Chainbase (C)

Chainbase’s Korean KOL marketing focused strictly on the essential activities. It began with an airdrop task guide launched at the end of 2024, leveraging the investment led by Tencent to capture the attention of community users.

A review of Chainbase’s posting history shows that only important and necessary updates were shared through KOL channels. Rather than aggressively pushing for hype, the strategy appeared to center on using multiple channels so that a wide range of users could stay engaged consistently without losing interest. At the same time, the repeated mention that the TGE seemed to be approaching helped build significant anticipation.

After the airdrop period ended, the focus shifted to maintaining visibility by sharing partnership announcements, product updates, and campaign information. Following the overseas exchange TGE, updates on price movements, additional listings, and events continued to be shared, ultimately leading to the successful listing on Bithumb.

🔹 Optimism (OP)

Optimism is a coin that gained a significant number of Korean holders during the SuperChain boom. With the recent OP KRW listing on Upbit, the Korean community even joked that “OP holders have finally achieved enlightenment.”

Meanwhile, seeing Upbit list OP at this particular timing sparked speculation within the community that the exchange’s listing policy might have changed after the leadership transition. This speculation turned into conviction the following day when Upbit proceeded to list Omni, and Korean users are now actively trying to identify the remaining coins on what they believe to be Upbit’s overdue listing list.

2-2. Trading Volume

Upbit continues to maintain its position as the dominant exchange in the Korean market, far surpassing Bithumb in trading volume across most days of the past week. The daily trading volume chart shows a clear gap, with Upbit regularly contributing the majority share and peaking near $10 billion on multiple occasions — especially during July 23–25. In contrast, Bithumb’s volume remained significantly lower, showing only modest increases during market peaks.

XRP once again led the trading volume on both platforms, recording approximately $2.83 billion on Upbit and $1.21 billion on Bithumb, indicating continued strong demand among Korean retail investors. On Upbit, ETH and BTC followed with $1.46 billion and $1.10 billion, respectively, while newer tokens such as STRIKE ($646M), ENA ($598M), and OMNI ($563M) also secured top spots, suggesting increased speculative interest.

Bithumb’s volume also reflected a similar trend in asset popularity, with ETH, BTC, and ENA ranking in the top five. PENGU, a meme-inspired token, ranked 6th on Bithumb with $329M, and also placed in Upbit's top 10 with $360M, reinforcing its growing traction across both platforms.

In summary, while both exchanges showed alignment in top traded tokens, Upbit remains the clear leader not only in total volume but also in activity across a broader set of trending assets.

2-3. Top 10 Gainers

During the past week, market sentiment remained relatively neutral with only a few tokens experiencing double-digit gains. On Upbit, the top performer was SOPH, which rose by 13.19%, followed by SAHARA (+4.78%) and TRX (+3.61%). Notably, major stablecoins USDC and USDT also showed slight positive movements, reflecting cautious inflows or possible arbitrage behavior amid market uncertainty.

Meanwhile, Bithumb saw more pronounced activity among smaller-cap altcoins. IOTX led the chart with a sharp +30.10% increase, followed by MAGIC (+22.60%) and SPK (+20.37%). Other notable gainers included WOO, TON, and SAHARA, all posting gains above 10%. Interestingly, SOPH, which topped Upbit’s gainers list, also appeared on Bithumb with an 8.77% weekly gain, indicating consistent demand across platforms.

Overall, this week’s gainers list reflects a shift in attention toward mid-to-small-cap tokens, especially on Bithumb, where speculative trading activity continues to drive short-term price momentum.

3. Korean Community Buzz

3-1. Regulators Push Back on Korean Exchange Leverage Products

On August 4, Bithumb launched a service allowing users to borrow up to 4x their collateral in coins, while Upbit rolled out a “coin lending” program for USDT, BTC, and XRP, lending up to 80% of deposited KRW or crypto. The Financial Services Commission quickly flagged concerns over investor protection and legal risks, reportedly warning both exchanges. In response, Upbit announced on July 28 it would end its USDT lending program by August 27, giving users the option to repay early.

Community reactions were split—some argued that Korea should fully open leverage trading domestically to keep activity (and tax revenue) onshore, while others said they would stick with offshore platforms like Binance. (Source)

3-2. Tether Returns to Kimchi Premium Territory

The KRW–USD exchange rate briefly hit ₩1,400 last week, its highest since May 19. As a result, Tether (USDT) returned to trading at a premium over KRW after a period in discount territory. On August 3, the Kimchi Premium reached 1.52%, with USD at ₩1,389 and USDT at ₩1,403.

Traders in the community joked about making “easy pocket money” through arbitrage, while others admitted to being stuck with buys at ₩1,500, hoping for a return to those levels.

3-3. Bithumb’s B-Salon Features KOLs Bullish on BTC

Bithumb released the sixth episode of its KOL-driven YouTube series B-Salon, this time bringing together four well-known traders with distinct styles. The episode was recorded weeks before Bitcoin hit its all-time high, and all four guests expressed strong bullish sentiment toward BTC. Watching the traders’ confidence in hindsight sparked both admiration and envy from viewers, many of whom wished they had taken the same stance.

(Youtube)

4. Web3 Event

What AMAs and offline events are waiting for us this week? Although there are still about two months left until KBW, new events are being updated every week.

4-1. World Mobile Chain AMA with Wecrypto

World Mobile ChainDL, launched in June 2025, is the first permissioned Layer 3 network designed for developing and testing telecom-focused DePIN applications using real-world data.

Let’s take some time to learn more about the project through an AMA.

📅 Date: August 4th, 10:00 PM (KST)

📍 Location: Wecrypto X Space

4-2. Port3 AMA with Fireweek

Port3 is an integrated AI operations system. Its core architecture is designed to simplify and unify all essential infrastructure components, supporting the seamless launch of new AI-based applications while maintaining decentralization.

📅 Date: August 6th, 9:00 PM (KST)

📍 Location: Fireant Youtube

It’s been an exciting week in Korea, with various events taking place and a dynamic market keeping us all on our toes! Stay tuned for more updates, and if you'd like to receive this report every week, make sure to subscribe. For the latest news and insights on the Korean market, follow us on Twitter for all the action!