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🔥 On the day South Korean stocks plunged: the liquidation and convergence of on-chain leverage
During the day KOSPI in South Korea plunged by more than 6% at one point, SK hynix fell 11%, and exchanges initiated temporary trading halts. But in the crypto market, the trading volume of on-chain stock perpetual futures contracts has already surpassed ETH, as leveraged traders are effectively “voting with their feet.”
South Korea’s central bank raised rates by 25 basis points to 2.75%, and coupled with global tech stock selloffs, South Korea’s leveraged ETF fell 15% immediately at the open. The on-chain funding rate had surged to -55% when SK hynix rebounded, with extreme divergence between long and short sides.
BlackRock CEO said he is no longer worried about excessive leverage, but Ostium vault was just stolen for 24 million USDC; after the hacker swapped into ETH, they moved it into Tornado Cash. Trust cracks in on-chain finance coexist with liquidity risks.
Retail traders were liquidated, while a large whale withdrew 30k ETH from Coinbase Prime to distribute it across addresses. The market is deleveraging, but the structure of on-chain stock contract daily trading volume of $8.8 billion will not disappear.
$kospi #eth #usdc #sk #defi