Goldman Sachs trader Chris Cha confirmed in today's report that the core reason for this drop is not a deterioration in fundamentals, but rather the volatility of certain leveraged ETFs, which triggered a chain reaction of mass sell-offs. According to public data, active leveraged traders in the South Korean market currently carry an average debt of $10,000 to $16,000, primarily going long on Samsung and SK Hynix. These are the main groups affected by the liquidations.