According to CoinMeta, the trading volume in South Korea's virtual asset market continues to shrink, and the competitive landscape among the five major Korean won-based exchanges is changing. Data shows that in the first half of this year, the cumulative trading volume of South Korea's five major Korean won-based exchanges (Upbit, Bithumb, Coinone, Korbit, Gopax) was approximately 366.58 billion US dollars, a year-on-year decrease of 54.6%. From July 1st to 27th, the cumulative trading volume of these five exchanges was about 17.34 trillion Korean won, a decrease of 16.9% compared to the same period last month. Among them, Upbit had a trading volume of about 11.69 trillion Korean won, with its market share rising from 62.3% to 67.4%; Bithumb's trading volume decreased to 4.71 trillion Korean won, and its share fell from 30.7% to 27.1%. Market analysts believe that the reduced volatility of Bitcoin and altcoins is a significant reason for the decline in trading.