South Korean crypto exchange Upbit saw an estimated 1.15 trillion won ($830 million) in trading activity during a single hour on Aug. 22 as a sharp market sell-off triggered heavy volatility and liquidations.
The surge came as Bitcoin, XRP and other major cryptocurrencies experienced sudden downward moves before recovering some of their losses.
- Upbit’s rolling 24-hour volume reached about $3.82 billion during the volatility.
- XRP accounted for 32.2% of Upbit’s trading activity, followed by TRUMP at 10.93% and USDT at 8.39%.
- Around $523 million in crypto positions were liquidated within one hour, with long positions accounting for roughly $448 million.
- Upbit’s activity had already jumped 273% to about $1.84 billion on Aug. 21.
Flash crash drives Upbit volume higher
Trading activity accelerated around 05:00 UTC on Aug. 22 as a broad crypto market reversal triggered rapid buying, selling and position closures.
Data cited by Wu Blockchain put Upbit’s rolling 24-hour volume at approximately $3.82 billion during the episode. Bithumb recorded roughly $1.95 billion, while Coinone handled about $172 million.
The figures represent rolling snapshots rather than audited daily totals, meaning they fluctuate as transactions enter and leave the measurement window.
The spike also extended a recovery in trading activity that had started earlier in the week. Upbit’s daily volume had risen 273% to approximately $1.84 billion on Aug. 21, marking its strongest reported level since March.
XRP dominates trading activity
XRP was the most actively traded asset during the volatile period, representing about 32.2% of Upbit’s measured volume.
TRUMP followed with 10.93%, while USDT accounted for 8.39%. Ethereum and Bitcoin represented 5.44% and 5.40%, respectively.
The figures highlight the importance of South Korean retail traders to XRP liquidity. The token had already rallied strongly before the market reversal, gaining more than 14% on Aug. 21 and moving above several major technical indicators.
Liquidations amplify the sell-off
The broader market decline triggered approximately $523 million in liquidations within an hour, according to CoinGlass data. Long positions represented about $448 million of the total, while short liquidations stood at roughly $74.8 million.
Across the wider 24-hour period, liquidations reportedly approached $1.8 billion and affected more than 286,000 traders. The largest reported individual liquidation involved a BTC-USD position worth nearly $25 million on Hyperliquid.
Heavy leverage can accelerate market moves because exchanges automatically close positions once traders reach liquidation thresholds. Forced selling can then push prices lower, triggering additional liquidations in a feedback loop.
There is currently no evidence that the volatility resulted from a technical failure at Upbit. The available data instead points to a broader market-wide deleveraging event, while the exact trigger for the initial move remains unclear.
South Korean crypto activity rebounds
The surge comes after a relatively weak first half for South Korea’s crypto market. Trading activity across the country’s five won-based exchanges fell sharply during the first half of 2026 compared with the previous year.
Upbit, however, continued to strengthen its market position. Its share of domestic trading reached approximately 67.4% in July, meaning much of the returning liquidity has been concentrated on the country’s largest exchange.
Still, the latest volume spike does not necessarily signal a sustained recovery. Extreme volatility can temporarily inflate trading activity as traders repeatedly enter, exit and hedge positions.
The key question now is whether Upbit can maintain elevated volumes after the liquidation-driven surge fades, or whether activity will fall back once market conditions stabilize.
