Declining New Sign-Ups at Cryptocurrency Exchanges... 90% Decrease Compared to April

The Number of Transactions by New Subscribers Also Decreased by More Than 90%

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The number of new sign-ups at cryptocurrency exchanges has recently dropped sharply. It is interpreted that most investors interested in cryptocurrencies have already entered the market.

According to data received on the 19th from the four major domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit) by Yoon Doo-hyun, a member of the National Assembly's Political Affairs Committee from the People Power Party, the number of new sign-ups at Upbit decreased by 94.8%, from 1,226,729 in April to 64,037 in June.

Bithumb also saw a 91.9% decrease in new sign-ups, from 266,873 in April to 21,609 in July. Coinone's new sign-ups dropped 95.8%, from 128,234 in the same period to 5,384. Korbit also decreased by 92.2%, from 27,375 to 2,139 during the same period.

Considering that more than 90% of domestic cryptocurrency investments are made through these exchanges, it appears that most people who intend to participate in the cryptocurrency market have already done so.

The number of transactions is also decreasing. The number of transactions by new Upbit sign-ups fell 97.2%, from 80,528,427 in April to 2,240,793 in June.

The number of transactions by new Bithumb sign-ups decreased 91.7%, from 15,737,019 in April to 1,309,292 in July. During the same period, the number of transactions by new Coinone sign-ups plummeted 99.5%, from 9,749,302 to 49,280. Korbit also saw a 97.2% decrease, from 603,896 to 16,935 during the same period.

Except for Bithumb, the deposit balances of new sign-ups at the exchanges are also trending downward. The deposit balance of new Upbit sign-ups decreased 94.6%, from 498.48 billion KRW in April to 27.1 billion KRW in June. For Coinone, it dropped 89.8%, from 14.9 billion KRW in April to 1.53 billion KRW in July, and Korbit decreased 90.8%, from 15.97 billion KRW to 1.47 billion KRW during the same period. However, Bithumb's deposit balance of new sign-ups increased by about 21%, from 121.9 billion KRW in April to 147.52 billion KRW in July.