🔥 South Korean stocks plunge, a mirrored moment of on-chain leverage liquidation

The South Korean KOSPI index fell by more than 6% at one point today, with SK Hynix down 11% and Samsung Electronics down 8%. The Bank of Korea raised rates by 25 basis points to 2.75% and also launched a programmatic trading pause mechanism. This is a snapshot of on-chain leverage resonating with traditional markets.
Over the past nine trading days, leveraged ETFs on Korean equities have shown unrealized losses of more than 88 trillion won, while their size shrank by 37.7%. Retail investors account for about 60%, and most of the losses are borne by individuals. On-chain, the whale long on SK Hynix perpetual futures is being liquidated—one address chased at the rebound high and is currently down 14%.
On-chain leverage is amplifying volatility in traditional markets. Daily on-chain contract trading volume for SK Hynix has exceeded $88k, making the crypto market a second battlefield for traditional stocks. When Korean retail traders are forced out of stock positions via liquidation, they may be compelled to sell crypto assets to top up margin, creating a cross-market deleveraging loop.
Watch out for the reverse risk: rate hikes by the Bank of Korea and programmatic trading pauses may temporarily stabilize the market, but on-chain leverage liquidations have not ended yet. Bear whales are still betting on ETH falling, while BlackRock’s CEO says he is no longer concerned about excessive leverage—this divergence itself is a signal.
$sk #eth #etf #链上数据 #blockchain
#eth #sk #加密市场 #coin market #web3