PANews reported on November 13 that 10x Research released a new report stating that retail cryptocurrency trading in South Korea has experienced a massive explosion, with trading volume on Upbit exchange reaching $18.6 billion, not including another $7.3 billion traded on Bithumb. Overall, retail trading volume in South Korea's spot exchanges exceeded $26 billion, while the trading volume of all domestic stocks in South Korea was only $14 billion—85% less than the stock trading volume. Since Trump was elected, Dogecoin has become the most traded cryptocurrency, with $8 billion traded in the past 24 hours—accounting for 57% of all stock trading volume in South Korea. The trading volume of $18.6 billion on Upbit has already surpassed $16.2 billion at the beginning of March.
In addition, the report states that the number of Bitcoin holders is expected to significantly increase by 2024, as sovereign entities and pension funds continuously enter the market, strengthening the foundation of long-term investors. Soon (in the coming days), the 13F report will reveal which pension funds or large asset management companies purchased Bitcoin in the third quarter. Not only have strategic long-term investors become highly active, but retail investors are also joining this trend.
