Tiger Research: 700 Trillion Won Fleeing Overseas, South Korean Market Is Missing the Entire Crypto Era
- Korean investors are moving funds overseas to access products unavailable domestically.
- Between 2021 and 2026, approximately 700 trillion won flowed out of Korean exchanges.
- Korean investors generated an estimated $3.5 billion in fee revenue for overseas exchanges in 2025.
- The net outflow ratio is rising, indicating that capital is leaving at a faster pace than the Korean market is contracting.
- The global digital asset market has expanded, while Korea remains focused on retail spot trading.
A recent report by Tiger Research, in collaboration with Chainalysis, highlights the significant capital outflow from South Korea's cryptocurrency market. It estimates that approximately 700 trillion won has been moved overseas between 2021 and 2026, as Korean investors seek products and services that are not available domestically.
The report indicates that the global digital asset market has evolved beyond spot trading, encompassing derivatives, payments, and on-chain services. In contrast, the South Korean market remains predominantly focused on retail spot trading, leading to a widening gap in competitiveness.
As Korean investors continue to face unmet demand for diverse crypto products, they are increasingly turning to overseas exchanges. This shift has resulted in substantial fee revenues for these foreign platforms, with estimates suggesting that Korean investors contributed around $3.5 billion in fees in 2025 alone. The report warns that this trend could further erode the domestic market's position in the global landscape.
Tiger Research：700万亿韩元流出海外，韩国市场错失整个加密时代
Tiger Research与Chainalysis合作发布的最新报告强调了韩国加密货币市场的重大资本外流。报告估计，从2021年至2026年，约有700万亿韩元被转移到海外，因为韩国投资者寻求国内无法获得的产品和服务。
报告指出，全球数字资产市场已经超越了现货交易，涵盖了衍生品、支付和链上服务。相比之下，韩国市场仍主要集中在零售现货交易上，导致竞争力的差距不断扩大。
随着韩国投资者面临对多样化加密产品的需求未得到满足，他们越来越多地转向海外交易所。这一转变为这些外国平台带来了可观的手续费收入，估计仅在2025年，韩国投资者就贡献了约35亿美元的手续费。报告警告称，这一趋势可能进一步侵蚀国内市场在全球格局中的地位。