Dunamu Profit Plunges 78% as Crypto Exchanges' Q1 Woes Mount; BTC at $60K Low

Dunamu, Upbit's parent, reported Q1 net profit down 78% YoY to 69.5B won ($53.5M) and revenue off 55% to 234.6B won, joining Bullish's $604.9M net loss (incl. $559M unrealized losses on $2.3B crypto) and revenue miss at $92.8M vs. $94.1M expected. This follows eToro's Q1 crypto revenue drop of 38-39% to $2.15B, 32% fewer trades, and 57% derivatives plunge to $33.4M despite overall net income up 37% to $82.4M. Bitcoin's slump to a $60K multiyear low fueled the trading slowdown, offset by diversification like eToro's $70M Zengo buy and Bullish's $4.2B Equiniti deal.