Crypto
Upbit market share concentration eases as marketing rivalry intensifies
Upbit’s concentration in South Korea’s digital-asset exchange market is showing signs of easing, while Bithumb’s share has increased. In 2025’s fourth quarter, Upbit took 65.0 percent of trading value among the top five exchanges and Bithumb held 31.1 percent, according to CoinGecko. Bithumb cited brand-building and strengthened user benefits, backed by marketing and sponsorships. Upbit also expanded mass-market digital advertising. Smaller exchanges ended the quarter largely holding volumes.
