South Korean cryptocurrency investors begin to liquidate their accounts

"Bitcoin, which used to exceed 80 million won, may now fall below 30 million won. It is really alarming. In order to increase the profit rate, looking at the coin warehouse all the time and feel tired, so I decided to'exit'."

Kim (30), an office worker, recently transferred all the 80 million won invested in virtual currency to the account of the securities company. The yield, which exceeded 200% in April, has now fallen to around 40%. Although it has not suffered a loss, considering the current decline in the market, decided to leave the coin tray. It is reported that virtual currency investors withdrew more than the deposit amount from their exchange accounts last month. The withdrawal amount is higher than the deposit amount, which is the first time since the virtual currency investment boom started in July last year in three years.

On the 28th, the “Dong-A Ilbo” analyzed the real-name accounts of the four major virtual currency exchanges (upbit, bithumb, coinone, and korbit) through the office of KMT member Jin Xikun. The results showed that the withdrawal amount last month was 12.7 trillion won, which was 2 trillion won more than the deposit (10.7 trillion won).

Last month was the first time in the past year that the withdrawal amount exceeded the deposit amount for the first time. In April, when the Bitcoin price exceeded 80 million won and the investment boom was soaring, the deposit amount (33.1 trillion won) was more than 3.8 trillion won more than the withdrawal amount (29.2 trillion won).

In the past month, the price of Bitcoin has dropped below $30,000, which is called the "psychological line of defense" twice, and the market has been turbulent. Since then, more and more investors have withdrawn money from virtual currency accounts and left the coin tray. Huang Shiyun, a researcher at the Capital Market Research Institute, said: “The funds deposited in the coin tray have turned into a net outflow. In the medium and long term, many investors will negatively view virtual currencies. Although the investment is overheated, there is no visible utilization rate and results. The investor’s departure."

TRANSLATED