SK Hynix's US stock IPO was oversubscribed 7 times. A whale on-chain opened a long position worth $30 million, with a floating profit of $2.08 million, becoming the largest long on-chain. The asset size of SK Hynix leveraged ETF on the Korean stock market has reached 4 times the average daily trading volume, with retail investors amplifying volatility through leveraged products. On-chain perpetual contracts provide leveraged access to traditional stocks without circuit breakers or margin constraints. The Bank of Korea governor stated the need for timely rate hikes, and Citigroup predicts a 25 basis point rate hike next week. If Korean stocks pull back, on-chain longs and Korean leveraged ETFs may face a liquidation spiral. The integration of crypto and traditional assets is shifting from narrative to capital flows, but the contagion of leverage is also intensifying.