Why ZKP, BTC, and XRP Dominate Upbit's Trading Volume and What It Means for 2026 Crypto Momentum

In 2025, Upbit, South Korea's largest cryptocurrency exchange, emerged as a critical battleground for liquidity and investor behavior, with ZKP, BTC, and XRP dominating trading volumes. This dominance reflects a confluence of speculative fervor, macroeconomic shifts, and regulatory dynamics that will shape the 2026 crypto landscape. By dissecting the interplay of liquidity and investor behavior, we can better understand how these three assets might influence the next phase of the market cycle.

XRP: The Regional Powerhouse

XRP's performance on Upbit in 2025 was nothing short of extraordinary. In December alone, the XRP/KRW trading pair accounted for 7.77% of Upbit's 24-hour trading volume, with $671.5 million in activity, even as the platform's overall volume dropped by 22.15% to $864.6 million according to data. This resilience underscores XRP's entrenched role in the Korean won market, where it drove a 28.2% surge in Upbit's 24-hour trading volume to $13.39 billion. The token's 7-day trading volume on Upbit reached $1.55 billion, surpassing Binance and Coinbase in regional demand according to reports.

This dominance is not accidental. XRP's utility in cross-border transactions and its alignment with institutional-grade infrastructure have made it a preferred asset for Korean traders seeking liquidity. However, its performance also highlights a broader trend: as global liquidity tightens, regional demand for high-utility tokens like XRP may outpace broader market declines. For 2026, this suggests XRP could retain its position as a liquidity anchor in Asia, provided macroeconomic conditions stabilize.

ZKP: The New Listing Phenomenon

ZKP (zkPass) exemplifies the volatile yet potent impact of new listings on Upbit. Following its December 2025 listing, ZKP surged by 53.1% within an hour, with 24-hour trading volume exceeding $103 million. This rapid appreciation reflects the concentrated retail base on Korean exchanges, where new listings often trigger short-term frenzies. The token's simultaneous listing on Bithumb further amplified demand, creating a feedback loop of price and volume momentum.

However, ZKP's trajectory also reveals the fragility of such surges. While the token's 24-hour volume reached $155 million in Q3 2025 according to data, its long-term sustainability remains untested. For 2026, ZKP's success will hinge on whether its underlying technology-focused on zero-knowledge proofs-can attract institutional adoption or retain retail interest amid a broader market downturn.

BTC: The Institutionalized Benchmark

Bitcoin's position on Upbit in 2025 was marked by a paradox: declining retail participation but growing institutional relevance. The exchange's 24-hour BTC trading volume dropped to $1.15 billion in 2025, reflecting a 15.53% decline and a broader shift in Korean retail behavior toward profit-taking. This aligns with the Bank of Korea's observation that Korea's crypto turnover rate in 2025 hit 156.8%, far exceeding the global average of 111.6%, as traders prioritized short-term gains according to analysis.

Yet, BTC's institutional adoption-bolstered by spot ETFs and treasury company interest-has stabilized its liquidity profile. Unlike prior cycles, where BTC's price swings were driven by retail speculation, 2025 saw a more measured rally, with institutional inflows offsetting retail outflows. For 2026, this suggests BTC's role as a benchmark asset will solidify, though its explosive growth potential may be tempered by macroeconomic headwinds.

Macroeconomic Headwinds and Investor Behavior

The 2025 Upbit liquidity trends cannot be divorced from broader macroeconomic forces. South Korean exchanges saw a 60% drop in trading volume in December 2025, driven by year-end seasonality, regulatory scrutiny, and a global liquidity contraction. Central banks, including the Federal Reserve, shifted toward divergent policies, prioritizing domestic conditions over coordinated stimulus. Meanwhile, traditional markets like the S&P 500 and gold prices influenced crypto volatility, with investors increasingly treating BTC as a macro asset according to market analysis.

Korean retail investors, historically a key driver of global crypto volume, have also shifted behavior. Google searches for "bitcoin" in Korea fell by 66% from their 2024 peak, signaling waning retail enthusiasm. This shift has global implications: as Korean traders pull back, the 2026 Bitcoin rally may lack the explosive retail-driven momentum seen in previous cycles.

Implications for 2026

The dominance of ZKP, BTC, and XRP on Upbit in 2025 points to three key trends for 2026: 1. Regional Liquidity Anchors: XRP and ZKP will likely remain focal points for Korean traders, with XRP's utility and ZKP's speculative appeal driving short-term volume. 2. Institutionalization of BTC: As spot ETFs and treasury adoption grow, BTC's liquidity will stabilize, but its price action may become less correlated with retail sentiment. 3. Macroeconomic Sensitivity: Crypto markets will remain tethered to traditional asset classes, with BTC acting as a barometer for global liquidity shifts.

For investors, this suggests a strategic pivot toward assets with clear utility (like XRP) and institutional backing (like BTC), while treating speculative tokens like ZKP as high-risk, high-reward plays. Regulatory clarity and macroeconomic stability will be critical for sustaining 2026's momentum.