South Korea Crypto Millionaires Reach 18,000 as Whale Holdings Surge to 2.228 Billion KRW

South Korea’s cryptocurrency market continues to attract high-net-worth individuals, with the number of local crypto millionaires—defined as those holding over 1 billion KRW—reaching approximately 18,000 as of late August. This figure highlights the growing participation of affluent investors in the digital asset space. The average holdings for these “crypto whales” amount to 2.228 billion KRW, significantly higher than the average holding value per user of 10.27 million KRW across the top five local exchanges [1].

The majority of these high-value holders are concentrated in their 50s, with 3,994 individuals in that age bracket, followed by 3,086 in their 40s and 2,426 in their 60s. The 30s age group accounts for 1,167 individuals, while 137 whales are in their 20s, suggesting a multi-generational interest in digital assets. Despite this diversity, the distribution reveals a strong clustering among older demographics [1].

Platform concentration is another notable trend. Upbit, one of the largest exchanges in South Korea, dominates the whale user base, with 8,242 individuals holding over 1 billion KRW on the platform. This number far surpasses Upbit’s 52% user share among the top five exchanges, indicating a disproportionate allocation of wealth within the ecosystem. The discrepancy suggests that high-net-worth users may prefer platforms with enhanced security, liquidity, or user experience [1].

The data reflects broader adoption and increasing investment in cryptocurrency across the country. While the average user’s holding remains relatively low, the growing number of millionaires signals a shift in market dynamics. It also raises questions about wealth distribution within the crypto ecosystem and the role of major exchanges in facilitating such concentrations.

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Source: [1] The number of cryptocurrency millionaires in South Korea with holdings of over 1 billion KRW has reached approximately 18,000, with an average holding value per user on the top five platforms of 10.27 million KRW.

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