Upbit Lists BTC and USDT Pairs for BICO, BMT, NIL, GWEI

Four tokens, BICO, BMT, NIL, and GWEI, gained simultaneous BTC and USDT pair listings on Upbit as of Aug 21. The Korean exchange added eight new markets in a single batch, giving each asset direct access to both bitcoin and the primary stablecoin settlement rail. CoinGecko data shows upbit's order books for the new pairs opened with BTC at $73,962, up 6.1% in 24 hours and 16.2% over the past week. CoinGecko data shows 24-hour BTC volume at $55.1 billion. The broader market carried a $2.51 trillion cap with $130.2 billion in daily turnover, and BTC dominance held at 58.9%.

Why the dual-pair structure matters

Most exchanges list new altcoins against USDT first, then add BTC pairs weeks later if volume justifies it. Upbit's simultaneous launch creates immediate cross-pair arbitrage paths. Traders can now move between BICO, BMT, NIL, or GWEI and either BTC or USDT without routing through an intermediate market. That compresses slippage and tightens the effective spread for anyone sizing positions in these names.

Liquidity context for each token

BICO (Biconomy) and BMT (Bittensor) carry established on-chain activity, BICO as a gas-abstraction layer, BMT as a decentralized AI subnet token. NIL (Nillion) and GWEI (Gwei) are earlier-stage; NIL focuses on blind computation, GWEI on Ethereum L2 fee markets. The dual listing gives all four a common denominator: direct bitcoin exposure for holders who prefer BTC-denominated returns, and USDT pairs for stablecoin-based risk management.

The supply-frame read

New exchange pairs do not create tokens, they redistribute existing float across more venues. For BICO and BMT, which already trade on Binance and Coinbase, Upbit adds Korean retail depth and a BTC-denominated leg that global desks can hedge against. For NIL and GWEI, this is the first major centralized venue with a bitcoin pair, effectively introducing a BTC-denominated price signal where none existed. Bitcoin's 7-day trajectory frames the backdrop: per CoinGecko, the 16.2% weekly climb means BTC-denominated altcoin prices face a moving denominator. A token flat in USDT terms would show a 14% drop in BTC terms over the same window. Desks running BTC-neutral books will need to rebalance delta exposure daily as the new pairs settle into price discovery.

What to watch next

Order-book depth in the first 72 hours will reveal whether Korean retail treats these as speculative legs or longer-term allocations. The BTC/USDT cross-rate on Upbit versus Binance and Coinbase will indicate if regional premiums persist. For BICO and BMT, watch whether the new BTC pairs draw volume from existing USDT markets or expand the total pie. Figures from the desk show for NIL and GWEI, the key level is whether bid-ask spreads compress below 2% within the first week, if they don't, the pairs risk becoming zombie markets.