An estimated 700 trillion won ($494 billion) in crypto assets moved from South Korean exchanges to overseas platforms between 2021 and this year, according to a joint report by Tiger Research and Chainalysis, as investors sought derivatives, prediction markets and crypto-linked payment tools unavailable domestically. The study, based on about 5 million exchange-linked addresses and roughly 120,000 wallets estimated to belong to South Korean users, said around 168 trillion won ($118.6 billion) left in 2025 and about 77 trillion won ($54.3 billion) is projected for this year, while cautioning that actual outflows may be larger because only on-chain identifiable routes were counted. Although the absolute amount of outbound funds has recently declined, outflows have risen relative to domestic spot trading volume on Upbit, Bithumb and Coinone, suggesting capital is leaving faster than the local spot market is shrinking. Tiger Research estimated South Korean investors paid roughly 5 trillion won ($3.5 billion) in trading fees to foreign exchanges last year and about 1.4 trillion won ($988.1 million) in the first half of this year alone. The report also traced funds moving beyond centralized exchanges into decentralized venues such as Hyperliquid and Lighter, Polymarket prediction markets and crypto cards including RedotPay, KAST and Ether.fi, indicating that offshore crypto activity by South Korean users now spans both investment and everyday consumption.