Upbit and Bithumb H1 Revenue Drop ~50% as Korean Crypto Market Shrinks

This is a story about exchange economics, not crypto prices: revenue at Korea's two dominant venues is tied directly to trading activity, so a halving in H1 revenue signals that domestic participation and turnover have cooled sharply, not merely that asset values moved. The pressure falls hardest on the exchanges themselves, whose cost bases are largely fixed, and on the retail traders whose activity drives their fees. The open question is whether this reflects a cyclical volume trough or a structural shift in Korean crypto demand as regulatory scrutiny continues.