Tiger Research: 700 Trillion Won Fleeing Overseas, South Korean Market Is Missing the Entire Crypto Era
- Korean investors have moved approximately 700 trillion won overseas to access unavailable products domestically.
- Between 2021 and 2026, an estimated $530 billion flowed from Korean exchanges to overseas exchanges.
- Korean investors generated an estimated $3.5 billion in fee revenue for overseas exchanges in 2025.
- The net outflow ratio from Korea is rising, indicating capital is leaving faster than the Korean market is contracting.
- The global digital asset market is expanding into derivatives and payment services, while Korea remains focused on spot trading.
A report by Tiger Research, in collaboration with Chainalysis, indicates that Korean investors are increasingly moving their capital overseas due to limited domestic options in the crypto market. Approximately 700 trillion won is estimated to have flowed out of Korean exchanges between 2021 and 2026, reflecting a significant unmet demand for crypto products that are more readily available abroad.
The analysis tracked around 120,000 Korea-linked wallets, revealing that the outflow of funds is not just limited to exchanges but also includes trading derivatives and utilizing on-chain services. This shift has resulted in overseas exchanges benefiting from both trading fees and the accumulation of customer data, enhancing their competitive edge.
Despite a contraction in the overall market, the net outflow ratio from Korea is rising, indicating that capital is exiting at a faster rate than the domestic market is shrinking. This trend highlights the growing disconnect between the Korean market, which remains focused on spot trading, and the rapidly evolving global digital asset landscape that includes a wider array of financial services.
老虎研究：700万亿韩元流出海外，韩国市场错失整个加密时代
老虎研究与Chainalysis合作的报告指出，由于国内加密市场选项有限，韩国投资者越来越多地将资本流出海外。预计2021年至2026年间，约700万亿韩元已从韩国交易所流出，反映出对国外更易获得的加密产品的显著未满足需求。
该分析追踪了大约120,000个与韩国相关的钱包，揭示资金流出不仅限于交易所，还包括交易衍生品和利用链上服务。这一转变使得海外交易所不仅从交易手续费中获益，还积累了客户数据，增强了其竞争优势。
尽管整体市场收缩，但韩国的净流出比率正在上升，表明资本流出的速度快于国内市场的收缩速度。这一趋势突显了韩国市场与快速发展的全球数字资产市场之间日益扩大的脱节，后者包括更广泛的金融服务。