Bitcoin has fallen to third place in the domestic virtual asset market by trading volume. This is the first time this has happened since domestic trading began in 2013. Bitcoin, previously the "absolute number one" asset, has fallen behind Ripple (XRP) and Tether (USDT), demonstrating a shift in its market position.
A comprehensive analysis of the Korean Won trading volume of the eight largest virtual assets by market capitalization from 2013 to 2025 revealed that Bitcoin's domestic trading volume last year was approximately 160 trillion won. This was the third-largest volume, following XRP and USDT.
During the same period, XRP ranked first, recording a trading volume of approximately 369 trillion won. USDT also ranked second, surpassing Bitcoin with approximately 178 trillion won. This marks the first time Bitcoin has been pushed out of the top two positions in the Korean won market.
Bitcoin has never fallen below the top two spots in terms of trading volume in the domestic market. While there have been temporary fluctuations in rankings due to price volatility and market conditions, this marks the first time it has fallen to third place on an annual cumulative basis.
A notable change is the presence of XRP. XRP has consistently ranked first in domestic trading volume in 2018 and 2021. Last year, it also experienced strong trading concentration, significantly outpacing Bitcoin. Among domestic investors, XRP has established itself as a leading asset, attracting concentrated short-term trading demand due to its price elasticity and high liquidity.
USDT's rapid growth is also a key factor in this ranking shift. USDT rapidly increased its trading volume by absorbing funds seeking to avoid volatility and demand from overseas exchanges. The fact that its trading volume surpassed Bitcoin's just a few years after its listing on the Korean Won market demonstrates the domestic market's shift from an "investment-centered" to a "liquidity-centered" structure.
The results of this analysis clearly reveal the changing nature of the domestic virtual asset market. While Bitcoin still dominates in terms of market capitalization and symbolic value, assets specialized for settlement, brokerage, and trading are generating more exchanges in actual trading.
This shift in rankings is more than just a number, as it signals a shift away from the traditional "Bitcoin-centric" market toward a structure dominated by stablecoins and high-rotation altcoins.
It is becoming clear which assets the domestic virtual asset market 'holds' and which assets are used as 'moving money.'
