🔥 Korean leveraged ETFs are 8.8 hundred billion KRW in paper losses after nine days, on-chain leverage liquidation mirror liquidation nearing

Korean equity leveraged ETFs have had paper losses of more than 8.8 hundred billion KRW over the past nine trading days, with assets under management shrinking by 37.7%. Retail investors account for about 60% of positions, with most losses borne by individuals. On-chain SK Hynix contract funding rates surged to 907% at one point, with a fierce long-versus-short standoff between large whales.
ETF sell pressure is transmitted globally through ADRs and futures, and the on-chain leverage liquidation spiral could reverse-hit traditional finance from the crypto market. The Bank of Korea raised rates by 25 basis points to 2.75%, further tightening liquidity.
BlackRock CEO said he is no longer worried about excessive leverage in crypto markets, but mirrored risks in the Korean market are starting to grow. On-chain stock contracts see daily traded volume of $8.8 billion, and the boundary between crypto and traditional markets has already blurred. When triple signals—ETF rout, extremely high on-chain funding rates, and central bank rate hikes—stack together, traders face a structurally fragile moment.
Caution: The Korea Financial Services Commission is about to announce measures for single ETFs; policy intervention could trigger a short-term rebound, but deleveraging has not been completed yet. Once the on-chain whales’ concentrated gamble is liquidated, volatility will be amplified in both directions.
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