South Korea Crypto Market "Exit Difficulty" Risk Emerges: Nearly 30% of Assets on Top Five Exchanges Tradable on Only One Platform

According to South Korean media Daum, an analysis of the top five Korean won exchanges—Upbit, Bithumb, Coinone, Korbit, and GOPAX—along with CoinGecko public APIs found that, after removing duplicate assets, the five exchanges collectively support approximately 606 crypto assets, of which 164 (27.1%) are tradable on only one exchange, and another 324 (53.5%) are tradable on two or fewer exchanges. Among assets supported by a single exchange, Coinone has the most with 55; Bithumb has 54, GOPAX has 25, Upbit has 16, and Korbit has 14.

In terms of liquidity, the median 24-hour trading volume for these 164 assets is only about 1.37 million Korean won, with 79 of them recording volumes below 1 million won and 38 seeing zero trades. The analysis suggests that a single-exchange listing alone does not necessarily imply asset risk; if related assets are actively traded on overseas exchanges or support smooth withdrawals, investors still have other exit channels. However, for assets with low overseas trading volume and restricted deposit/withdrawal networks, once support is terminated, investors may face simultaneous difficulties in selling and transferring.

[TechFlow]