Upbit's Bitcoin (BTC)-Led Trading Volume Sinks Below 1 Trillion Won

Upbit Turnover Breaks Below 1 Trillion Won

Upbit, South Korea's largest crypto exchange, saw its 24-hour trading volume collapse under the 1 trillion won mark on Sunday, a 22.5% one-day drop that left venue turnover at 911.95 billion won. The thinning tape showed up across the board. Bitcoin (BTC) price holds near $83,100 on global venues, little changed over the past day, though the Korean market had priced Bitcoin (BTC) at 112.873 million won earlier in the session, a 0.18% dip. XRP slipped 1.20% to 1,890 won and Ethereum (ETH) eased 0.41% to 3.402 million won on the same screen. Upbit's composite index stood at 11,390.58, down 0.31%, while the exchange's altcoin index lost 0.69% to 3,067.10. Not every ticker followed the drift: Dirait (DRV) jumped 14.55% and Conflux (CFX) added 6.54%, and weekly gainers such as Cap at 43.34% showed buying concentrated in a handful of small names. Cumulative turnover for the day stood at 542.72 billion won, and XRP carried the largest 24-hour volume share at 5.23%. Korean sentiment data added a cautionary note, with 71% of surveyed investors expecting Bitcoin to move flat or lower this week, ahead of United States consumer price data due on October 14.

Zcash, Monero and Hyperliquid Redraw the Top 10

Elsewhere the market's hierarchy has shifted. The top 10 cryptocurrencies excluding stablecoins now include three names that were absent a year ago. Zcash (ZEC), a privacy coin whose origins trace to the zcash ceremony trusted setup, entered the list near $1,232 with a market cap of roughly $20.8 billion. Monero (XMR) joined at about $530, close to $10 billion, and Hyperliquid (HYPE) climbed to around $85 with a market cap near $21.6 billion. The two departures were Cardano (ADA) at $0.25 and Chainlink (LINK) at $12.86. The yearly scorecard explains the rotation: ZEC gained about 441%, HYPE about 127% and XMR about 77%, while ADA fell about 61% and LINK about 25%. The established majors fared worse still, with Bitcoin (BTC), ETH, SOL, BNB and XRP each down between 27% and 42% over the same span. The top six slots held steady: Bitcoin, Ethereum, BNB, XRP, Solana and TRON. A quiet bull market in privacy and niche assets has therefore run alongside a weaker tape for older large caps, and rank shifts of this kind can reverse within days when the market-cap gap between the 10th and 11th spots is narrow.

Order Books Rebuilt for Bitcoin, Not Alts

One year after the October 10, 2025 crash, the liquidity gap inside the market has hardened into structure. Fresh order-book analysis across major centralized exchanges shows Bitcoin and Ethereum depth above pre-crash levels. As of October 7, the value of order types placed within 1% of Bitcoin's spot price stood near $11.7 million, roughly 75% higher than on the day of the crash, and Ethereum's equivalent measure also rose about 75% to near $5.3 million. Analysts attribute the rebuild to increased capital deployed by professional market maker desks that quote continuously on both sides. The altcoin cohort tells the opposite story: depth within 5% of price has fallen about one-third from early 2025 to roughly $2 million, and within 1% it is down about one-sixth, even where coin counts look stable, because lower prices shrink the dollar value of resting liquidity. Weekly spot turnover across centralized exchanges averaged about $279 billion in the four weeks to September 27, down roughly two-thirds from the crash week's $801 billion. The original shock traced to Washington's announced 100% tariff on Chinese goods, which pushed Bitcoin (BTC) from near $122,600 to below $105,000 and forced out more than $19 billion in leveraged positions within a single day.

Reading the Depth Split Into CPI Week

Our reading ties the three threads into one picture: capital has consolidated into the majors while participation elsewhere thins. Upbit's 911.95 billion won turnover, altcoin depth down about one-third from early 2025, and rebuilt BTC and ETH books all describe the same consolidation, and the 71% Korean survey reading matches it. What would shift the standing picture is a double confirmation: a core inflation print that keeps rate-cut expectations intact on October 14, and a sustained move of Upbit's volume back above the 1 trillion won line. Price alone would not settle it; the volume and depth figures now matter more than the tape.