Upbit, a major cryptocurrency exchange in South Korea, experienced a drop in its 24-hour trading volume to $3.8 billion at the beginning of April after peaking earlier in March.

The surge in daily trading volume at Upbit was possibly linked to Bitcoin achieving a new all-time high of $69,200 on March 5. The increase was mainly driven by significant inflows in new spot Bitcoin exchange-traded funds (ETFs) in the United States.

Despite Bitcoin trading below $70,000 globally, it reached a new all-time high of 96,734,000 South Korean Won (around $72,504) on Upbit the same day, contributing to the boost in daily trading volume at the exchange on March 5.

This difference in price between South Korea and other countries is known as the "Kimchi Premium," which refers to the variation in BTC prices on Korean crypto platforms compared to international exchanges.

Subsequently, the daily trading volume on Upbit decreased significantly to $2.6 billion by March 31. As of April 1, CoinGecko reported Upbit's 24-hour trading volume at $3.8 billion.

In the previous year, Upbit's parent company experienced an 81% decline in net profit. Despite this, the exchange continued to expand its operations, acquiring a Major Payment Institution (MPI) license in Singapore on Jan. 9 to provide crypto and fiat-related services in the country.