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South Korean exchange Upbit’s won-denominated customer deposits fell to 2.0974 trillion won ($1.5 billion) this year, down about 36% from the end of last year, DealSite reported.
The outlet said Upbit’s won deposits, which had once topped 8 trillion won, had shrunk to the 3 trillion won range, while fee revenue from the trading platform also fell by nearly half. Over the same period, however, deposits of Bitcoin and Ethereum increased, indicating that while won funds waiting to be traded are leaving quickly, major digital assets are accumulating in Upbit wallets.