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🇰🇷 Capital flows in South Korea may be shifting from stocks back to cryptocurrencies.
The KOSPI index has increased by 80% in just 4 months, while Bitcoin has decreased by 52% over the same period.
The recent rally in Korean stocks pushed the market into a state of euphoria, with leveraged trading volume and ETFs surging.
Currently, the trend is reversing. Foreign investors are withdrawing from Korean stocks at a record pace.
$13.7 billion worth of KOSPI stocks were sold in February, the largest monthly outflow on record.
Currently, KOSPI has fallen 18% in the past 2 days.
The KOSPI volatility index is at its highest level since the 2008 financial crisis, while the Korean won just experienced its biggest one-day decline against the US dollar since 2009.
Since the KOSPI sell-off began, a divergence has emerged: over the past 5 days, KOSPI has fallen about 20%, while Bitcoin has risen 11%.
This divergence suggests that liquidity may be shifting from the South Korean stock market back into cryptocurrencies.