Korea’s Crypto Investors Hit 13.26 Million as XRP Tops Bitcoin

Upbit’s 2025 user data show Ripple-linked XRP as the most-traded token
half of investors are in their 20s and 30s.

By Hoon Kil Choi

South Korean crypto traders favored Ripple‘s XRP over Bitcoin and Ether last year, according to a user report from Upbit operator Dunamu, a reminder of the market’s persistent appetite for higher-volatility tokens.

XRP was the most-traded asset on Upbit in 2025, Dunamu said in a report released Jan. 2. Bitcoin ranked second and Ether third. Tether‘s USDT placed fourth, while Dogecoin — the memecoin often associated with Tesla Chief Executive Officer Elon Musk — was fifth.

Upbit’s cumulative membership reached 13.26 million as of Dec. 22, Dunamu said, with new sign-ups in 2025 close to 1.1 million. The figures put domestic exchange users above 13 million, underscoring how widely digital-asset trading has spread among retail investors.

Trading was most active at 9 a.m. local time, the company said. The busiest day was Jan. 9, 2025, when turnover totaled 20.86 trillion won, which Dunamu linked to expectations for a more crypto-friendly US stance ahead of Donald Trump‘s Jan. 20 inauguration.

Dunamu also pointed to rising use of services beyond spot trading. More than 300,000 Upbit users have participated in staking, with cumulative rewards of about 257.3 billion won paid through December since the feature launched in 2022. A recurring purchase product branded “Coin-Moigi,” introduced in August 2024, has drawn about 220,000 users and logged cumulative purchases of 478.1 billion won, the company said.

Men accounted for 65.4% of Upbit users and women 34.6%, the report showed. Users in their 30s were the largest cohort at 28.7%, followed by those in their 40s (24.1%) and 20s (23.2%). Those in their 50s made up 16.9%, while users in their 60s accounted for 6.0% and those 70 and older 1.1%.

Upbit counted 5.48 million users in their 20s and 30s — about 44% of South Korea’s total population in those age groups based on resident-registration statistics from the Ministry of the Interior and Safety as of November — Dunamu said. Among new users in 2025, women represented 43.1% versus 56.9% for men, and users in their 50s accounted for 20% of new sign-ups.

“Digital-asset investing has become part of everyday life,” a Dunamu official said, adding the firm will focus on improving safety and convenience for users.

최훈길 (choigiga@edaily.co.kr)