Since the rise of Ethereum in 2016, Korean users have consistently accounted for higher levels of engagement in the Ethereum blockchain. This trend underscores their increasing interest in decentralized finance (DeFi) and such technologies. In the recent analysis, we analyzed around 60,000 of those wallet addresses that were most likely Korean-owned. It shines a light on important trends and preferences among this demographic looking ahead to Q1 2025. While market downturns have impacted overall transaction volumes, the data suggests a deepening integration of Ethereum into the Korean cryptocurrency landscape, with users actively participating in asset transfers and exploring NFT opportunities. The analysis shows how high concentration or intermediation exists among Korean Ethereum users, in terms of wallets used and stablecoins adopted. This provides us unprecedented sight into their changing behavior.
Korean Ethereum User Trends
Our initial analysis of about 60k Korean user’s wallets in Ethereum ecosystem shows some interesting insights and trends. By Q1 2025, a larger market correction pushed transaction volumes—particularly those of older transactions—down considerably. Korean users are definitely participating in the Ethereum ecosystem long term. Transaction volume reached an all time high in December 2024. That increase provided a great ending for last year just before the market recalibrated in the ensuing months.
The study further indicates that funds flowing from Korean crypto trading platforms to external wallets reached all-time highs in Q1 2025. This shows that a greater share of assets are moving from CEXs to on-chain ecosystems. Korean users are excited to see what opportunities are in DeFi and self-custody. KoBTC is a prime example of the rapid expansion of the Korean cryptocurrency market from centralized exchanges to onchain, innovative environments.
Wallet and Asset Preferences
60% of Korean users use Metamask as their default wallet, which shows that a simple UI and consumer popularity have a large impact. Korean users prefer Metamask's built-in swap and bridge functionalities for convenience, streamlining their interactions with various DeFi protocols and assets. This preference towards integration of features reflects how critical user experience has been to pushing adoption within the Korean marketplace.
When looking at the behaviors over the analyzed period, Korean users mostly gravitated towards ‘asset transfers’. This suggests an outsized focus on shifting money between exchanges and wallets. Despite facing USDT delisting moves in some regions, Korean users are particularly active in the preference for USDT. Furthermore, new controversies are erupting every week over failed compliance with MiCA rules. Such preference may be fueled by USDT’s liquidity and broad acceptance across the wider cryptocurrency market.
Impact of Market Conditions
By Q1 2025, the number of active wallet addresses fell by more than half. This decline was largely fueled by a drastic drop in new user onboarding. This decline was probably a combination of the recent market downturn. It usually deters new market entrants from getting into the cryptospace. Positive transactions, both in value (less than $1k) and in number, actually went up, while negative transactions (greater than $1k) and their volumes went down.
This change is further indicative of an overall trend in which bigger investors are doing less on-chain. The little guys are still out there, probably paying for their morning coffee, and discovering new DeFi experiences in the Ethereum ecosystem. Only about 6% of all active users participated in NFT-related activities. This reflects an emerging, though still niche, interest in digital collectibles among Korean Ethereum users.
