On August 22, after a short fall in the encryption market, there was a rapid rebound, and the South Korean exchange was significantly enlarged. According to the data, in the hour that Upbit began at 0500 UTC on that day, the turnover was estimated at 11.5 trillion won, or approximately $830 million.

24 Hours up to $3.818 billion

According to figures quoted by Wu Blockchain, the Upbit rolling 24-hour period at one time reached US$ 3,818 million. During the same period, Bitumb was about US$ 19.54 billion and Coinone about US$ 167 million.

It is important to note that such data are based on a rolling 24-hour calibre, which will continue to change as the transaction moves out of the statistical window earlier, and therefore do not equal the final daily transaction value of the exchange.

Before the crash, Korean market transactions had recovered. On the previous day, Upbit's daily turnover had increased by 273 per cent over the previous value, to about $1.84 billion, a high since mid-March. Bithumb also grew by 132.9 per cent over the same period, to approximately $934.9 million.

XRP accounts for more than 30% of the trade on the platform

In terms of currency distribution, Upbit is not only driven by bitcoin. Data show that XRP accounted for 32.20 per cent of the Platform ' s trade, the highest share of assets; TRUMP was 10.93 per cent and USDT was 8.39 per cent.

The percentages were 5.44 per cent and 5.40 per cent. This means that, while the overall rebound of bitcoin has led to the repair of market sentiment, the real deal in the Korean market is more concentrated on high-active assets such as XRP.

This also reflects again the position of Upbit in XRP liquidity. XRP transactions denominated by the Korean Won often produce higher trades than bitcoin transactions during the heating phase of the bulk trade.

523 million United States dollars

The CoinGlass data show that within an hour, the market had a total of about $523 million in liquidation, many of which were approximately $448 million in liquidation and $747.6 million in liquidation. On a 24-hour basis, total liquidations were close to $1.8 billion, involving more than 286,000 traders.

Of these, the largest single amount disclosed came from the previous BTC-USD warehouse in Hyperliquid, amounting to approximately $24.96 million. Large-scale flatting tends to increase the decline, as when prices break the clearing line, derivative platforms automatically level out leverage multiple positions and further create sales pressure.

There are currently no verified exchange statements indicating that UPbit was caused by a technical failure. The information available favours a market-wide deleveraging event rather than a single platform anomaly.

Next, the market will focus on whether the UPbit turnover will remain high after a high hand change driven by liquidation, and whether high-off assets such as XRP will also have new price gaps or a thin order book.