Upbit and Bithumb List 89 Identical Crypto Assets in 19 Months

Upbit and Bithumb listed 89 identical digital assets on their Korean won markets over a 1 year 7 months period, according to analysis by Digital Asset. The two South Korean crypto exchanges announced new listings for 217 total digital assets during this timeframe, meaning 41% of new listings overlapped. Bithumb followed Upbit's listing announcements with a median time gap of approximately 1 hour, while Upbit followed Bithumb with a median gap of approximately 33 days, indicating more aggressive pursuit by the second-ranked exchange. Industry sources attributed the pattern to limited asset availability under self-regulatory frameworks and strategies to retain existing users by matching competitor offerings.

Upbit and Bithumb List 89 Common Digital Assets

Upbit and Bithumb newly listed 89 identical digital assets between January 1, 2025 and August 4, 2026, representing 41% of the 217 total new listings (excluding duplicates) during the period. Common new listings increased over time: 19 in the first half of 2025, 27 in the second half of 2025, and 33 in the first half of 2026. The second half of 2026 recorded 10 common listings as of the analysis date.

The exchanges announced new listings on the same day for 42 of the 89 common assets. Same-day announcements increased from 6 in the first half of 2025 to 14 in the second half of 2025 and 19 in the first half of 2026. A digital asset industry source said the pattern reflects efforts to reduce user inconvenience and increase choice in a situation where available assets for new listing are limited after the introduction of self-regulatory trading support rules and exchange users are locked in. Mo Jong-woo, CEO of Undefined Labs, said digital assets generate high trading volume at first listing, so listing competition appears for profitability, adding that in a bear market, existing listed altcoins cannot generate trading volume, so new digital assets are listed to create trading volume with new altcoins.

Bithumb Follows Upbit Announcements in 1 Hour Median Time

Upbit announced first and Bithumb followed for 42 cases, while Bithumb announced first and Upbit followed for 47 cases. When Upbit announced first, the median announcement time gap was approximately 1 hour (average approximately 4 days). When Bithumb announced first, the median time gap was approximately 33 days (average approximately 98 days).

For announcement gaps of 1-30 minutes (23 cases), Upbit announced first 18 times and Bithumb announced first 5 times. For announcement gaps exceeding 30 days (26 cases), Bithumb announced first 24 times and Upbit announced first 2 times. EDGE (Definitivity) had the shortest announcement gap at approximately 9 minutes 10 seconds on March 4, with Upbit announcing at 2:50 PM and Bithumb at 2:59 PM. BABY (Babylon) had the longest gap at 421 days, with Bithumb announcing on April 10, 2025 and Upbit on June 5, 2026.

Mo Jong-woo said when Upbit lists first, high trading volume appears, so Bithumb also lists the same digital asset to prevent user exodus. Another digital asset industry source said second-ranked Bithumb may have attempted a strategy to follow what first-ranked Upbit lists, adding that Upbit may follow-list the same digital assets considering market share loss in a situation where the second-ranked operator follows.

Announcement Time Gaps Narrow from 5 Days to 2 Hours

The median announcement time gap between the two exchanges decreased over time. The median gap was 5 days in the first half of 2025, shortened to 4 hours in the second half of 2025, and sharply decreased to approximately 2 hours in the first half of 2026.

FAQ

What percentage of new crypto listings overlapped between Upbit and Bithumb?

41% of the 217 total new listings (89 assets) were listed by both exchanges during the 1 year 7 months period analyzed.

How quickly does Bithumb follow Upbit's listing announcements?

Bithumb follows Upbit's new listing announcements with a median time gap of approximately 1 hour, compared to Upbit following Bithumb with a median gap of approximately 33 days.

Which digital asset had the shortest listing announcement gap between the two exchanges?

EDGE (Definitivity) had the shortest gap at approximately 9 minutes 10 seconds on March 4, with Upbit announcing at 2:50 PM and Bithumb at 2:59 PM.