币安将新增 10 种 bStocks 代币化证券作为抵押资产
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South Korean lawmakers warn that the KOSPI index has "become a casino" and call for the delisting of leveraged ETFs.
Odaily Odaily reports that South Korean lawmakers are increasingly concerned about the risks of single-stock leveraged ETFs, with one opposition lawmaker calling for the delisting of such products. On Monday, Ahn Cheol-soo, a conservative People Power Party lawmaker and former presidential candidate, posted on social media calling for strong corrective measures, including delisting, for South Korean leveraged ETFs tracking Samsung Electronics and SK Hynix. He wrote that the Korea Composite Stock Price Index (KOSPI) "has become a casino," and that such products are "a complete policy failure, eroding trillions of won in corporate value and national wealth every day." His comments have heightened concerns among policymakers and investors about the risks of these ETFs. These products aim to achieve double the return on their underlying stocks, and their mechanized rebalancing process forces them to buy more when prices rise and sell more when prices fall, potentially amplifying market volatility. (Jinshi)
South Korean chip stocks have extremely high leverage concentration; the SK Hynix leveraged ETF has assets exceeding four times its average daily trading volume.
According to Mars Finance, on July 5th, The Kobeissi Letter reported that leverage levels in South Korean chip stocks have spiraled out of control. The total assets of single-stock leveraged and inverse ETFs tracking SK Hynix are currently around $19 billion, more than four times the stock's average daily trading volume of approximately $4.5 billion this year. Meanwhile, leveraged ETFs related to Samsung have assets of approximately $12.4 billion, 176% higher than its average daily trading volume of approximately $4.5 billion. The Hong Kong-listed 2x long SK Hynix ETF has assets of approximately $13 billion, roughly twice SK Hynix's average daily trading volume, representing the largest gap among major stocks tracked by leveraged ETFs. In comparison, leveraged ETFs related to Micron (MU) have assets of approximately $9.9 billion, lower than its average daily trading volume of approximately $27.5 billion; leveraged ETFs for Tesla (TSLA) and Nvidia (NVDA) have assets of approximately $6 billion and $5.6 billion respectively, also significantly lower than their average daily trading volumes of approximately $23.6 billion and $28.8 billion. South Korean chip stocks have extremely high leverage concentration.
The size of leveraged ETFs in the South Korean stock market has risen to approximately $45 billion, a record high.
According to Mars Finance, on July 3rd, The Kobeissi Letter published an article stating that the leverage level of the South Korean stock market has reached an extreme. The assets under management of South Korean leveraged ETFs have risen to a record high of approximately $45 billion, an increase of about 800% since the beginning of 2026. The article points out that the leverage exposure as a percentage of free-float market capitalization has risen to a record high of approximately 2.9%, more than three times the level in January. Free-float market capitalization refers to the portion of shares actually available for public trading. Meanwhile, the Hong Kong-listed 2x long SK Hynix ETF once reached approximately $15 billion in assets, becoming the world's largest single-stock leveraged product. In contrast, the four major 2x long ETFs tracking Micron (MU), Nvidia (NVDA), SanDisk (SNDK), and Tesla (TSLA) have never exceeded $10 billion in assets.
South Korean beauty and retail stocks led the market gains, and Gate.com continues to expand its investment portfolio in South Korean stocks.
According to ChainCatcher, Gate's market data shows that the South Korean stock market was active today. Manyo Factory, a cosmetics stock, reached $11.60, up 18.43%; Heung Koo Petroleum reached $6.88, up 14.72%; and IT'S HANBUL reached $7.25, up 13.51%, with several popular South Korean stocks leading the market gains. Gate has established a 24/7 trading service system covering the three core markets of US, Hong Kong, and South Korea, supporting over 10,000 US stocks and ETFs, over 1,500 Hong Kong stocks, and over 1,000 South Korean stocks, totaling over 12,500 stocks and ETFs globally. Users can participate in global stock investment through their Gate unified account using USDT, supporting fractional share transactions starting from as low as 0.01 shares, and enjoying stock dividend rights. The platform also supports cross-brokerage transfers for US and Hong Kong stocks, as well as corporate actions such as stock splits and consolidations, further optimizing the stock investment service experience.
Analysis: South Korean stocks have plummeted more than 20% from their peak and are poised to enter a technical bear market.
PANews reported on July 8th that, according to Jinshi, the South Korean stock market continued its decline, with the KOSPI index falling by more than 6% intraday, accumulating a drop of over 20% since its June peak, poised to enter a technical bear market. Samsung Electronics and SK Hynix fell by approximately 7% and 5% respectively, as investors reassess the prospects for AI demand. South Korea has been the world's best-performing stock market this year, but its over-reliance on two chipmakers makes it particularly vulnerable to shifts in industry sentiment. Leveraged ETFs amplified two-way volatility, further exacerbating market fluctuations. Despite Samsung Electronics' quarterly profit surging 19-fold this week, chip stocks continued their decline, highlighting that traders are demanding more evidence to justify the exorbitant investments across the entire supply chain. Fidelity International portfolio manager Ian Samson stated, "The current increased volatility stems largely from fundamental uncertainty."
The South Korean KOSPI index opened down 232.32 points, a drop of 3.03%.
According to ChainCatcher, Gate data shows that the South Korean KOSPI index opened down 232.32 points on Wednesday, July 8th, a drop of 3.03%, to 7,423.99 points. SK Hynix and Samsung Electronics both fell by 4%.