The recent abnormal price volatility in LDO (+205%) and LIT (+1171%) has been identified not as a result of macroeconomic factors or protocol changes, but as a classic case of liquidity concentration following a domestic exchange listing. Both assets experienced a temporary surge in buying pressure after being newly listed on Upbit's BTC and USDT markets on June 19.

This 'Upbit Effect' stems from temporary liquidity fragmentation between the global market and a specific exchange. For mid-cap altcoins with relatively small market caps or limited circulating supply, it is easy for overshooting to occur as buying pressure concentrates on a specific exchange immediately after a new listing, leading to a significant divergence from overseas market prices.

Prices that spike immediately after an initial listing typically go through a rapid retracement as profit-taking occurs. Caution is advised regarding chase buying, as a sharp decline can accompany the process of narrowing the price gap (premium) with the global market.

This volatility is a prime example of the short-term impact that liquidity inflows from a specific exchange can have on individual assets, rather than a structural fundamental change in the broader market. A patient approach, monitoring the post-overshoot liquidity stabilization phase and the synchronization with global prices, appears advisable.