Crypto winter hits Bithumb in Q1 loss as Dunamu revenue plunges

South Korea’s two leading virtual asset exchanges saw their earnings deteriorate sharply in the first quarter as the downturn in the crypto market continued. Bithumb swung to a loss, while Dunamu’s revenue fell to roughly half its previous level and operating profit dropped 78%. The main factor was a steep decline in trading value, which directly hit fee income. As the so-called “crypto winter” persists, exchanges appear to be shifting from external growth to strengthening fundamentals, including cost control and reviews of revenue structures. If the market slump continues, whether trading value recovers will likely be key to future earnings improvement. Source: mk.co.kr.