Crypto conferences, hype over substance? Korea Blockchain Week (KBW) has come and gone, once again drawing record numbers of attendees and spawning hundreds of side events throughout the city. Hotels, bars, and clubs saw significant business, thriving on the influx of crypto pilgrims. Despite the palpable excitement and noise, there remains a lingering question about the true value these conferences bring to the industry. Unlike more traditional sectors, crypto conferences seem to lack tangible outcomes such as major deals or meaningful opportunities for projects to pitch to genuine investors. Increasingly, these gatherings resemble arenas for wealthy exchanges to showcase their influence with extravagant after-parties and established players to make convenient excuses to travel. Meanwhile, the average retail investor is left wondering what these events truly offer them.
During the weekend of October 12th, the cryptocurrency market was rocked by its largest liquidation cascade in history, with an estimated $20 billion, possibly much more, in long positions being liquidated. This figure is nearly three times higher than the previous record set in May 2021. Although markets have since stabilized, with asset prices and liquidity returning to normal levels across major tokens, questions remain about the root cause of the selloff. Was it the result of escalating U.S. and China trade tensions, or were other mysterious forces at play? Regardless of the trigger, one thing is clear: while the market eventually rebounded, retail investors bore the brunt of the losses, as is often the case in such scenarios.
Speaking of retail, a recent article from Coin Hub Korea, titled Wealth Concentration Deepens in Korea’s Crypto Market sheds new light on the composition of trading volume in Korea. Contrary to popular belief, Korea’s crypto trading volume is not predominantly driven by retail investors. While the local crypto community is highly informed and follows new trends rapidly, the actual volume is powered by large-scale investors—often referred to as whales. These influential participants tend to operate quietly, avoiding the noise of blockchain weeks or side events, and instead work directly with trusted exchanges that they have built relationships with over the years. The perception of Korea as a retail-driven market is therefore somewhat overstated, with the real force behind the volume remaining relatively discreet.
