Korean crypto markets hit 2-year trade volume peak

Although Korbit’s market share has seen minimal growth, hovering around 1% in 2024, Bithumb experienced a significant surge, tripling its market share in the months following the implementation of its zero-fee policy in October 2023, analysts at Kaiko say. Despite the success of the zero-fee strategy in driving trade volume, the analysts noted that Bithumb faced a substantial revenue decline of 60% in 2023, prompting the exchange to discontinue the initiative.

“The significant decline in revenue may have prompted the exchange to discontinue its zero-fee campaign on Feb. 5, just five months after its launch.”

Kaiko

Although there has been a slight decrease in KRW volumes in early April, Kaiko says market sentiment across the Asia-Pacific region could receive a boost given the recent approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong.

As crypto.news reported earlier, HashKey and Bosera International secured conditional approval from the Hong Kong Securities and Futures Commission for two spot crypto ETFs, signaling a pivotal moment for Asian investors. It’s anticipated that the Hong Kong Stock Exchange will require approximately two weeks to finalize preparations for product listing and related matters.