Transactions in Korean won already account for about 30% of the global spot crypto market volume in 2026. According to research firm Kaiko, South Korea now trails only the US dollar USD in crypto trading volume.
With a population of about 52 million people, the country’s weekly crypto turnover has already reached approximately $26 billion.
At the same time, the Korean stock market is also growing rapidly. iShares MSCI South Korea ETF (EWY) has gained more than 37% since the beginning of the year as of March 11, 2026. The main driver has been demand for memory chips used in the global development of AI.
Crypto Trading in South Korea Is Concentrated on Just Two Exchanges
The main volume of the crypto market in South Korea now goes through Upbit and Bithumb. According to Kaiko, these two platforms process most of the country’s average weekly turnover, which has remained around $26 billion from 2024 to 2026.
Most of the volume now comes from altcoins. About 85% of all crypto trades in Korea are not in bitcoin but in other tokens. Local traders are noticeably more active in riskier coins.
At the same time, Korean exchanges still lag behind Japanese platforms in terms of liquidity. The market depth at Upbit is about $1 million to $1.2 million, while at Japan’s Bitflyer this figure is about $3.5 million.
Upbit and Bithumb process part of South Korea’s crypto turnover. Source: Kaiko
The Japanese market looks more modest in volume but noticeably more stable. Trading volume in yen usually stays in the range of $2–3 billion per month across four exchanges.
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The difference between the markets is immediately apparent. In South Korea, crypto largely relies on retail trader activity and quick speculation, while in Japan, the market depends more on institutional liquidity.
The AI Growth Cycle and Memory Demand Are Driving the Korean Market
At the same time, Korean tech companies have also surged. EWY ETF by iShares, the largest fund for South Korea among American ETFs, gained more than 37% in the first quarter of 2026.
Almost 45% of the fund is made up of Samsung Electronics and SK Hynix — companies considered among the main beneficiaries of global demand for AI memory.
The options market is also betting on further growth. The volume of open call positions on EWY has reached about $5.5 billion in notional value. This is a record high and significantly above the previous peaks of 2015 and 2021.
Open interest in EWY call options. Source: NoLimit / X
The focus now is on HBM memory (High Bandwidth Memory), which is used in AI training systems. Samsung and SK Hynix control a significant share of the global HBM market, so South Korea has found itself at the center of a new cycle of data center construction and AI infrastructure development.
One market participant noted that a sharp rise in open interest in call options usually indicates aggressive bets by large players on further market growth.
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According to him, many underestimate one important point: almost 45% of the EWY structure is made up of Samsung and SK Hynix, and both companies are directly tied to the AI memory growth cycle.
Essentially, investors are now betting not so much on South Korea itself, but on the further growth of the AI sector, simply through Korean tech companies.
The AI Boom Is Starting to Affect Not Only the Tech Sector but Also the US Energy Market
Due to the rapid growth of data centers and AI infrastructure, RGGI carbon emission allowances jumped by 31% in a week — to $47 per metric ton. This is the highest level in the past four years.
Growth of data centers and AI. Source: The Kobeissi Letter / X
The program covers emissions from power plants in ten northeastern US states.
For a short time, the price even exceeded California’s record of $44, set in 2024. For the market, this is an unusual situation, because historically RGGI allowances have almost always traded cheaper than the western market.
Additional price pressure may appear as early as July, when Virginia plans to rejoin the program. A large number of data centers related to AI are now concentrated there.
For South Korea, this situation is also directly important. The same demand for AI that is driving up electricity prices in the US is simultaneously increasing orders for Samsung, pushing up EWY and boosting interest in crypto among Korean retail traders.
Whether the Korean won can maintain its status as the second largest fiat currency in the crypto market now largely depends on how long the current cycle of investment in AI infrastructure lasts in 2026.
Now the market will be watching the upcoming reports from Samsung and SK Hynix especially closely.
