Kaiko Research's latest report highlights Upbit's dominance in South Korea's cryptocurrency liquidity, accounting for approximately 70% of the nation's trading volume in 2025. The report, "The State of Liquidity on Korean Crypto Markets," emphasizes that liquidity is not merely about trading volume but involves a complex interplay of factors such as bid-ask spreads, market depth, and slippage. Kaiko's analysis reveals that while volume spikes during market stress, it often coincides with deteriorating execution quality. The report underscores the importance of understanding liquidity through a multidimensional framework, particularly in retail-heavy markets like South Korea. Upbit's deeper order books and lower execution friction compared to competitors like Bithumb and Coinone further solidify its central role in the market. The research also discusses how larger tick sizes on major exchanges like Upbit and Bithumb contribute to stability and visible depth, albeit at the cost of wider spreads. Additionally, the report notes the impact of the "Kimchi premium" and macroeconomic events on liquidity, illustrating the dynamic and cyclical nature of the market.