Bitcoin Hits $120K but Korean Trading Volume Lags Behind Global Boom

Bitcoin recently broke through the $120,000 mark, rewriting its all-time high and fueling strong buying momentum worldwide. According to CoinMarketCap and Upbit data, the global daily trading volume for Bitcoin surged by over 35% in the past week, while South Korea’s local exchanges saw only a 10–15% uptick in the same period.

A closer look shows that during the previous bull run in 2021, Korean retail investors accounted for nearly 8% of global crypto spot volume. Today, that share has dropped to just around 3%, highlighting the cautious stance of local investors still recovering from heavy losses in altcoins.

Experts attribute the muted sentiment to South Korea’s high interest rates, which currently stand at 3.5%, and ongoing economic uncertainty. Many Korean investors remain stuck holding altcoins purchased at peak prices during the 2021 frenzy.

Meanwhile, major coins like Ethereum have climbed above $3,000, and Solana is hovering near $180, showing renewed strength across the top five cryptocurrencies. Internationally, the FOMO effect is drawing in new buyers, especially in the US and Europe, where crypto funds are also seeing inflows.

Quick Stat Table
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Metric               	     2021 Bull Run         	Now
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BTC Global Volume	                  100%	             +35% (WoW)
BTC Korea Volume Share	               ~8%	              ~3%
Korea Benchmark Interest Rate       1.5% (2021)          3.5%

My Take:
In my view, domestic investors in Korea are still dealing with bags of altcoins bought during the ‘Go~!’ phase in 2021. With the economy still under pressure and borrowing costs high, I expect local buyers to return only in phases, driven by waves of FOMO. Ironically, when Korean retail sentiment finally heats up, that might once again mark another peak. (This is my personal opinion and not financial advice.)

What do you think? Will Korean money come back in force, or stay cautious until the next cycle? Let’s discuss!