South Korean retail investors have drastically reduced their activity in cryptocurrency markets, with Upbit's average daily trading volume dropping 80% to $1.78 billion in November from a peak of $9 billion in December. This decline marks four consecutive months of reduced trading and a narrowing range, with similar patterns seen on Bithumb. The shift in capital has contributed to a 72% increase in the KOSPI index this year. Analysts indicate that a resurgence in crypto interest may occur if stock market enthusiasm wanes or new crypto narratives emerge.