Today is a sad day for Korean stock traders.

Less than three weeks after SK hynix $SKHY listed in the US, the Korean stock price has already fallen below the original Nasdaq ADR issuance reference price—roughly a 30% drop.
US stocks haven’t opened yet, and whatever comes out tonight is likely not going to look good either.
Earlier, Korean retail investors loaded too much leverage into hynix. When the stock rose 280% this year, the leveraged ETF with 2x leverage briefly exceeded $16 billion, making it the largest single-stock leveraged product in the world.
Once it turns, the leveraged positions get liquidated in a chain reaction—selling as it falls, and falling further as more is sold.
But what’s even worse may be for the crypto brothers who are long on Hyperliquid.
On-chain perps stuck in a pin today, plunging from 1,120 straight to 920, and then, within minutes, it bounced back.
If you’re taking longs on perps without setting a stop-loss, these few minutes are enough to send someone to the next world.
Hope the same thing doesn’t happen to Changxin.