South Korea remains No. 2 crypto market despite 28% drop in volume

South Korea's cryptocurrency trading volume was estimated at $69 billion in the first quarter of this year, maintaining its position as the world's second-largest market, the Seoul Economic Daily reported on June 11, citing a recent report from U.S. blockchain analytics firm TRM Labs. The United States led with $212 billion, followed by Russia ($48 billion), India ($46 billion), and Turkey ($40 billion). However, South Korea's volume fell 28% year-over-year, the steepest decline among major markets, compared to a global average decrease of 20%. TRM Labs attributed the sharp drop to the country's high proportion of retail investors and its sensitivity to global risk-off sentiment.