Domestic Virtual Asset Market Cap Surpasses 107 Trillion Won, Doubling in Half a Year

Uk Jin

Summary

In the second half of last year, the domestic virtual asset market cap reached 107.7 trillion won, marking a 91% increase compared to the first half.
User deposits also surged by 114%, and the number of users of Korean won exchanges increased by 25%.
The Financial Services Commission evaluated that the launch of Bitcoin ETFs and expectations for Trump's policies promoted virtual asset price increases.

In the second half of last year, the market capitalization of domestic virtual assets (cryptocurrencies) nearly doubled compared to the first half of the same year.

According to the '2024 Second Half Virtual Asset Business Survey' released by the Financial Intelligence Unit (FIU) under the Financial Services Commission on the 20th, the market capitalization of domestic virtual assets in the second half of last year was estimated at 107.7 trillion won. This is a 91% increase compared to the end of June last year (56.5 trillion won), and higher than the global virtual asset market cap growth rate (60%) during the same period.

During the same period, user deposits also surged. As of the end of last year, Korean won deposits were 10.7 trillion won, a 114% increase compared to the end of June. The average daily trading volume was 7.3 trillion won, a 22% increase from the first half (6 trillion won).

The number of users able to trade on virtual asset exchanges increased by 1.92 million compared to the first half, totaling 9.7 million. The number of users able to trade refers to customers who have completed the Know Your Customer (KYC) process as of the end of December.

Users of Korean won exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) increased by 25% compared to the first half, reaching 9.67 million. Users of coin market exchanges, where Korean won trading is not possible, also increased by 2,700, totaling 30,000.

The age group of virtual asset exchange users was highest in their 30s at 29%, followed by ▲40s (27%), ▲20s and below (19%), ▲50s (18%), ▲60s and above (7%).

High-value virtual asset investors also increased. In the second half of last year, 1.21 million users invested more than 10 million won in virtual assets, a 2% point increase compared to the first half. Investors with more than 100 million won accounted for 2.3% (220,000) of all users, an increase from the first half of last year (136,000).

Most exchange users (66%) were found to hold less than 500,000 won in virtual assets.

The Financial Services Commission evaluated that "the launch of Bitcoin (BTC) spot exchange-traded funds (ETFs) in the United States and expectations for President Donald Trump's pro-virtual asset policies have strengthened investment sentiment by promoting virtual asset price increases."