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This is really fascinating.
🇰🇷 Capital in South Korea may be shifting from the stock market to cryptocurrencies.
The KOSPI index has risen 80% in just 4 months, while Bitcoin has fallen 52% during the same period.
The surge in the Korean stock market has ultimately led to a frenzy, with leverage trading and ETF trading volumes soaring.
Currently, the trend is reversing. Foreign investors are withdrawing from Korean stocks at a record pace.
In February, $13.7 billion worth of KOSPI stocks were sold off, setting a monthly record for the largest capital outflow.
Currently, the KOSPI has dropped 18% in the past two days.
The KOSPI volatility index has reached its highest level since the 2008 financial crisis, and the won-to-dollar exchange rate has experienced its largest single-day decline since 2009.
Since the start of the KOSPI sell-off, a divergence has emerged: over the past 5 days, the KOSPI has fallen about 20%, while Bitcoin has risen 11%.
This divergence suggests that liquidity may be shifting from the Korean stock market to cryptocurrencies.