The number of crypto investors increased in South Korea, along with the profitability of the country’s digital asset exchanges.

South Korean crypto investors stood at 7.78 million in the first half of 2024, a 21% increase from the second half of 2023 when the country saw 6.45 million digital asset investors.

The expanding number of investors has pushed the cumulative operating profits of the top 21 local centralized exchanges (CEXs) to more than 5,900 billion won, or $4.2 billion, marking a year-on-year (YoY) increase of 106%, according to results from the country’s Financial Services Commission shared in local media reports .

Increasing retail investors are an optimistic sign for a bull market, as the new-found capital will contribute to the continued price appreciation of the top cryptocurrencies like Bitcoin ( BTC ) and Ether ( ETH ).

South Korea’s crypto investor surge drives CEX profits by 106% image 0

BTC/USD, 1-month chart. Source: Cointelegraph

Bitcoin nearly hit an all-time high in anticipation of the US presidential elections . On Oct. 29, Bitcoin was just $200 away from a record high after BTC rose above $73,600 , the highest level since March 2024.

Still, some analysts say that Bitcoin’s current price action is a “Trump hedge” that lacks the fundamental macroeconomic conditions to push the world’s first cryptocurrency to new highs.

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South Korean crypto investors’ average portfolio is below $400

More than 68% of South Korea’s crypto investors are males, with the largest subset being males over 30, who make up 5.28 million of the country’s investors.

South Korea has just 850,000 male investors over the age of 50.

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Still, the average crypto allocation of South Korean investors remains modest. More than 5.28 million, or 67% of all investors, held less than $362 worth of crypto in their portfolios.

Harris vs. Trump 2024: What’s at Stake for the Crypto Market? Source: YouTube

Conversely, only 10%, or 780,000 South Korean investors, held more than $7,254 worth of digital assets.

Looking at the largest holding of South Korean investors, over 37% was in Bitcoin, 11% in Ether, 10.6% in the XRP ( XRP ) token, 2.8% in Dogecoin ( DOGE ) and 2.7% invested in Ethereum Classic ( ETC ).

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