SEOUL, South Korea – March 2025: In a landmark shift within the cryptocurrency landscape, Bitcoin (BTC) has experienced a notable decline, falling to third place in trading volume in South Korea for the first time ever. According to a detailed analysis by Digital Asset, this marks a significant change from Bitcoin”s long-standing dominance in one of Asia”s most vibrant cryptocurrency markets.
The report highlighted that XRP led the trading volume in 2025, reaching approximately 335 trillion won, followed closely by USDT, which took the second spot with about 305 trillion won. In contrast, Bitcoin”s trading volume fell to around 285 trillion won, dropping from its previous first-place position.
The comprehensive analysis conducted by Digital Asset has provided essential insights into the evolving market dynamics. The research team examined trading volumes of the top eight digital assets by market capitalization, including Ethereum (ETH), USD Coin (USDC), Solana (SOL), TRON (TRX), and Dogecoin (DOGE) over a twelve-year period from 2013 to 2025. It reveals a significant shift in investor preferences, indicating that Bitcoin”s drop to third position is likely not a mere temporary fluctuation but rather a reflection of deeper changes within the market.
Several factors have been identified as contributors to this transition. Notably, regulatory changes in South Korea have fostered new trading environments, while evolving investor strategies now favor different asset characteristics. Furthermore, technological advancements have made trading alternative cryptocurrencies more efficient. The increasing prominence of stablecoins such as USDT underscores the demand for tools designed to manage volatility.
The remarkable rise of XRP, achieving a trading volume of approximately 335 trillion won, highlights growing interest from both institutional and retail investors. This increase is attributed to the resolution of regulatory uncertainties surrounding XRP, which has provided a clearer operational framework, combined with enhanced partnerships with South Korean financial institutions.
USDT”s strong performance also reflects a trend towards sophisticated trading practices among South Korean traders. Many now utilize USDT not only as a hedging instrument against volatility but also as a temporary store of value and a tool for liquidity management in complex trading strategies.
The changing trading volume rankings in South Korea illustrate several broader trends in the market. There has been a noticeable decrease in trading volume concentration among leading assets, indicating a diversification of trader interests. Moreover, the correlation between market capitalization and trading volume has weakened, suggesting that traders are considering a wider array of factors beyond market size when selecting assets.
Experts from Seoul National University”s Blockchain Research Center have commented on these developments, emphasizing the interconnected trends influencing the market. Professor Kim Min-ji noted that regulatory clarity has enabled diverse trading strategies and that the increase in institutional participation since 2023 has played a crucial role in this evolution.
As South Korea”s cryptocurrency market continues to mature, it becomes increasingly clear that traders are leveraging a variety of digital assets for distinct purposes. Although Bitcoin remains a significant player in the ecosystem, its relative position is evolving alongside the advancements in technology, regulatory frameworks, and investor education.
In summary, Bitcoin”s fall to third place in South Korean trading volume signals a fundamental shift in the cryptocurrency market, reflecting increased sophistication among traders and a shift in their strategic preferences. As the landscape continues to evolve, these changes may provide insights into future trends in global cryptocurrency trading.
