Since South Korea’s stock market introduced a circuit breaker mechanism in 2000, it has triggered circuit breakers only 13 times in total.

And this month, South Korea’s overall stocks are down 27%, which has already triggered 7 full-market circuit breakers—accounting for more than half.
So, when you look at this in crypto terms, what level is that?
I guess the mood in South Korea really is quite bleak right now—
because retail investors in the Korean market generally use 2x to 6x leverage, combined with a very strict maintenance margin requirement of 140% to 150%.
That means that if the KOSPI falls by 30%, the vast majority of leveraged investors will be liquidated.
At least over the past couple of days, it looks like the Korean index has been “cutting down” in trend-following fashion—clearing out margin accounts with leverage below 2x, aiming to wipe them out completely.
What was it that Korean girl said back then—something about the best summer, I can’t remember the exact line because it’s too long.