South Korean crypto exchange Upbit’s won-denominated customer deposits fell to 2.0974 trillion won, or approximately $1.5 billion, in the latest reporting period, about 36% below the level at the end of last year. DealSite reported that the deposits had previously exceeded 8 trillion won during the crypto bull market before declining into the 3 trillion-won range and reaching their current level. Upbit’s trading fee revenue also fell by nearly half, indicating reduced activity. At the same time, Bitcoin and Ethereum holdings increased, suggesting that some customers converted won into major digital assets and retained them in Upbit wallets rather than keeping idle fiat balances. The shift offers a gauge of South Korean investor behavior as regulators tighten oversight and market participants move away from speculative trading or toward longer-term accumulation.