South Korea’s stock market triggered a circuit breaker this morning, yet open interest in the $KORU contract kept rising.
At 9:03 a.m. UTC+8, the KOSPI briefly fell about 8.5%, triggering this year’s 11th Level 1 circuit breaker and halting trading for 20 minutes. Samsung and Hynix plunged right after the open; Binance perpetuals were down about 8.7% for SAMSUNG and 11.5% for SKHYNIX. This post is sixth on the Square trending list.
KORU is a U.S.-listed ETF that tracks roughly three times the daily return of the South Korean stock market. At yesterday’s U.S. close, it had already plunged from 10.43 to 6.53, a drop of about 37% in one day. Binance perpetuals are now around 6.98, down about 29.3% over 24 hours, with roughly 2.73 billion U in volume. Over the past day and a half, open interest in coins has grown from about 8.29 million to about 16.18 million—nearly doubling.
I’m bearish on this move. After the Democrats took control of both chambers in the midterms, the market began pricing in “tighter regulation of AI data centers”—the Philadelphia Semiconductor Index fell about 12% overnight, South Korean semiconductor heavyweights followed suit, and leveraged long products amplified the losses. This narrative has yet to be disproven, and U.S. markets will open again tonight to set prices.
What would change my mind: the KOSPI regains and holds above 5200, or U.S. chip stocks stage a clear rebound.
#韩国KOSPI熔断 $KORU
At 9:03 a.m. UTC+8, the KOSPI briefly fell about 8.5%, triggering this year’s 11th Level 1 circuit breaker and halting trading for 20 minutes. Samsung and Hynix plunged right after the open; Binance perpetuals were down about 8.7% for SAMSUNG and 11.5% for SKHYNIX. This post is sixth on the Square trending list.
KORU is a U.S.-listed ETF that tracks roughly three times the daily return of the South Korean stock market. At yesterday’s U.S. close, it had already plunged from 10.43 to 6.53, a drop of about 37% in one day. Binance perpetuals are now around 6.98, down about 29.3% over 24 hours, with roughly 2.73 billion U in volume. Over the past day and a half, open interest in coins has grown from about 8.29 million to about 16.18 million—nearly doubling.
I’m bearish on this move. After the Democrats took control of both chambers in the midterms, the market began pricing in “tighter regulation of AI data centers”—the Philadelphia Semiconductor Index fell about 12% overnight, South Korean semiconductor heavyweights followed suit, and leveraged long products amplified the losses. This narrative has yet to be disproven, and U.S. markets will open again tonight to set prices.
What would change my mind: the KOSPI regains and holds above 5200, or U.S. chip stocks stage a clear rebound.
#韩国KOSPI熔断 $KORU
