According to the Financial Supervisory Service’s electronic disclosure, Dunamu — the operator of the country’s largest cryptocurrency exchange Upbit — posted a consolidated revenue of 257 billion won ($188.8 million) for the second quarter. This is a 52 percent drop compared to the first quarter.

Operating profit also decreased by 53 percent from 335 billion won to 159 billion won.

However, compared to the “crypto winter” last year, its overall performance has improved. Sales rose by 27.4 percent, operating profit increased by 45.5 percent and net income grew by 30 percent year-over-year.

Bithumb, the second-largest exchange, was not exempt from the fall. It reported second-quarter revenue of 104.7 billion won, with an operating profit of 32.3 billion won. Its operating profit nearly halved from 62 billion won in the first quarter.

This decline is due to the cooling of major growth drivers, such as the approval of overseas spot exchange-traded funds (ETFs) for major cryptocurrencies.

In March, prices reached a record high of $73,750, but the market quickly cooled with prices dropping below $60,000.

Additionally, geopolitical risks, such as the conflict between Israel and Hamas, contributed to price fluctuations, leading investors to shy away from 토토 risky assets.

Since cryptocurrency exchanges rely heavily on trading fees for their revenue, reduced trading volume has impacted their financial performance.

“Although market conditions improved compared to last year, resulting in noticeable performance growth, the pace of growth slowed in the second quarter,” an official from Bithumb said. “We will continue to focus on improving user-centered services and offering benefits in order to set new agendas in the market. At the same time, we will strive to maintain steady growth moving forward.”