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#KOSPI breaks 7000, South Korea's crypto trading volume drops 89% Have you noticed that fewer and fewer people around you are talking about crypto? South Korea has clarified this with data: KOSPI broke through 7000 points today, rising 114% in two years. Meanwhile, the average daily trading volume of South Korea's top five crypto exchanges fell from $2.82 billion to $305 million, a drop of 89% in one year. Two lines, one going up, one going down, moving very clearly. I think there are two layers worth paying close attention to here. 🪁 The first layer is: where did the money go? It didn’t disappear into thin air; it really shifted. South Korean retail investors have always been among the most active in the crypto market. The "kimchi premium" used to be a global barometer of crypto sentiment. Now, these investors are buying stocks, specifically semiconductors and AI industry chains within the KOSPI. Names like SK Hynix and Samsung are not only winners in the Korean stock market but also direct beneficiaries of the global AI infrastructure demand narrative. The capital hasn’t left the "tech bet"; it just switched carriers—from on-chain to exchanges, from tokens to stocks. 🪁 The second layer is Korbit selling its own tokens. Exchanges live off trading volume. With trading volume down 89%, revenue is insufficient, so they start selling assets. This behavior indicates that after liquidity dries up, even the platform itself begins to feel the pressure. One of the markets with the most active user base has reached this point, which is worth noting. 💡 My own judgment is that this is not a signal of a crypto bear market but a structural reshuffle. South Korean capital is being attracted by a better story: AI, semiconductors, and publicly listed companies with real performance support. What crypto lacks is not narrative but a new trigger in this cycle that can bring retail investors back. Bitcoin is stuck around 66k, Ethereum has dropped below 2k, and the altcoin season is delayed; idle funds will flow to places with more visible returns. Crypto legislation progress, spot ETF inflows, and institutionalization are all ongoing, but these are slow variables—not things that can bring trading volume back within a quarter. If you’re now asking yourself whether to adjust your allocation, my approach is that it’s not an either-or choice but about whether your holdings have logic that can truly make money in the current market environment. The collective shift of South Korean retail investors tells you that sentiment follows returns, not faith. DYOR Not investment advice