Korean retail done with crypto? December 2024: Korean crypto exchanges did $366B in monthly volume. 3.23x the entire KOSPI stock market May 2026: $40B. Just 8% of KOSPI Samsung +6.5%, SK Hynix +9.5% in a single session. KOSPI doubled year-to-date. The 2x SK Hynix ETF in Hong Kong tripled to $8B in three months. JPMorgan targeting 9,000, bull case 10,000 The October 11, 2025 liquidation event did real damage to Korean futures traders. Then crypto went into downtrend while KOSPI kept printing all-time highs. Capital followed performance Kimchi premium at -2.19%. Upbit and Bithumb volumes down 80%. No local bid for BTC The pattern that matters: every major KOSPI correction historically pulls Korean retail back into crypto. May 15, KOSPI crashed 8.4% in a single session, wiped $370B in market cap, and Korean crypto volumes ticked higher the same day Korea has 10 million crypto investors, over 30% of the population One bad chip earnings print or a KOSPI breakdown and this rotation runs in reverse