The crypto trading frenzy that once defined South Korean markets has evaporated at an extraordinary pace. According to the original report from WuBlockchain, the five largest crypto platforms in the country — Upbit, Bithumb, Coinone, Korbit, and Gopax — collectively recorded an average daily trading volume of just $305 million in July, an 89% collapse from the $2.82 billion registered a year earlier. Over the same period, the benchmark KOSPI index surged 114.44%, pulling risk capital back into domestic equities. The collapse is striking for a country that, during the 2021 bull market, often saw its currency rank among the most traded fiat pairs globally. The numbers mark one of the most dramatic shifts in retail investment behavior since the pandemic-era crypto boom.