U.S. stocks' AI sector experienced Black Tuesday, with storage chip stocks falling over 13%, while leveraged ETF assets hit a new high of $198 billion. Goldman Sachs pointed out that this round of sell-off was triggered by shocks in the Korean market, amplified by leveraged products and capital outflows, making the crypto market difficult to remain unaffected.

Bitcoin has been below short-term holder cost basis for eight consecutive months, with an average unrealized loss of 14.4%. The $74,800 level has become a key resistance; if it cannot regain this level, selling pressure to cut losses will persist. Meanwhile, U.S. leveraged ETF investors are using leverage at historically high levels, and if volatility intensifies, the cross-asset transmission risk in the crypto market should not be underestimated.
KOSPI's intraday volatility exceeded 7%, with foreign investors selling over $2.5 billion in a single day. SK Hynix's 2x long ETF reached $13 billion in size, dropping 24% in one day. Goldman Sachs stated that pension fund sales at the end of the month could set a record. The linkage between the crypto market and AI stocks is no longer just sentiment; it is now driven by leveraged products, market maker hedging, and capital flows, creating substantial resonance.
The risk lies in: when forced liquidations of leveraged ETFs and on-chain liquidations in the crypto market are triggered simultaneously, liquidity contraction could reinforce itself. The current fear index has risen to 23, but funding rates remain in the bearish zone, market sentiment is divided, and the battle between bulls and bears is intensifying.
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