KOSPI 8.22% Drop Triggers 20-Minute Halt; Upbit BTC Volume Edges Up

South Korea’s KOSPI index dropped 8.22% on July 13, triggering the exchange’s phase-one circuit breaker that pauses trading for 20 minutes when the index falls 8% or more from the previous close within one minute. Trading records show Upbit’s Bitcoin volume rose to 8,724 BTC on July 14.

Exchange data show Upbit BTC volume was 7,436 BTC at 06:10 UTC on July 12, 8,379 BTC on July 13 and 8,724 BTC on July 14. The move from July 12 to July 13 represents a 12.67% increase, followed by a 4.12% day-over-day rise to July 14. The July 14 figure is 27.38% below the 30-sample rolling average of 12,014 BTC and 57% below the series high of 20,506 BTC recorded on June 26.

Market activity on July 13 coincided with heavy losses among major chip exporters and higher oil prices amid renewed geopolitical tensions, factors that contributed to the decline in Korea’s benchmark index.

The Korea Exchange’s phase-one breaker halts trading for 20 minutes under the one-minute, 8% threshold and does not transfer assets between trading venues. Records indicate the brief halt freezes order execution on the equity exchange during acute intraday moves.

Regulatory and market data show leverage in the Korean equity market was elevated entering the sell-off. Combined average daily balances of margin loans and stock-backed loans rose to 61.98 trillion won in the second quarter from 57.42 trillion won in the first quarter.

Upbit’s volume rose in the two days following the KOSPI decline but remained below recent norms represented by the 30-sample rolling average and well under the late-June peak.