Crypto Slowdown Hits Upbit and Bithumb Hard in H1 2026

TLDR

• Upbit parent Dunamu’s H1 2026 revenue fell 49.1% year over year to 408.1 billion won.
• Bithumb’s revenue dropped 48.7% to 168.8 billion won, while the exchange swung to a net loss.
• Lower crypto trading activity and weaker market liquidity pressured fee income across South Korea’s major exchanges.
• Combined Q2 trading volume across five licensed Korean exchanges fell 49.5% year over year to $146.43 billion.
• Investor capital shifted toward South Korean equities as semiconductor stocks drove a strong KOSPI rally.

Upbit and Bithumb reported revenue and profit declines in the first half of 2026 as trading activity weakened. Both exchanges faced lower fee income as investors reduced digital asset trading and shifted capital toward stocks.

Upbit Revenue Falls as Trading Slows

Upbit parent Dunamu posted operating revenue of 408.1 billion won, or about $289 million, for the first six months of 2026. Revenue fell 49.1% from 801.9 billion won recorded during the same period a year earlier.

Dunamu’s operating profit dropped 79.7% to 111.5 billion won, while net profit fell 74.1% to 108.4 billion won. The company linked the weaker results to lower crypto liquidity and softer investor sentiment across digital asset markets.

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