Trading volume on Upbit, South Korea’s largest cryptocurrency exchange, surged 273% in a single day this week as Bitcoin’s rally past $77,000 pulled Korean retail investors back into a market they had largely abandoned since early 2026. According to CoinGecko data, Upbit processed roughly $1.84 billion in transactions on August 21 — its strongest session since mid-March. Bithumb, the country’s second-largest exchange, followed with a 132.9% jump to $934.9 million.

The numbers are striking, but the context behind them is what matters.

For most of 2026, South Korean investors wanted nothing to do with crypto. They had a better trade, and they chased it hard. The KOSPI index — powered by Samsung Electronics, SK Hynix, and the…