The volatility of the South Korean stock market has surpassed that of Bitcoin, and a national index is becoming more like cryptocurrency than cryptocurrency According to Bloomberg's data as of July 31st, the return volatility of the South Korean KOSPI index has reached 63% this year, ranking first among the major national stock indices it has compiled worldwide. The volatility of Bitcoin during the same period was only 48%. That is to say, the South Korean stock market is not only more volatile than Asian markets such as Japan and Taiwan this year, but even more volatile than Bitcoin: native. The volatility of a country's stock index exceeding that of Bitcoin is itself a very abnormal phenomenon. Bitcoin is a single asset, and its price is mainly influenced by capital flow, leverage, and market sentiment. The South Korean stock market includes hundreds of listed companies, and under normal circumstances, the rise and fall of different industries and companies will offset each other, and the index volatility should be much lower than that of a single high-risk asset. But the problem with the South Korean stock market now is that the index is increasingly concentrated in a few stocks. Especially Samsung and Hynix, whose combined weight in KOSPI has exceeded 50%. The change in sentiment in the semiconductor sector can almost directly determine the direction of the entire South Korean stock market. This concentration is further amplified by single stock leveraged ETFs. At the peak of trading frenzy, Samsung Electronics, SK Hynix, and their related leveraged ETFs collectively accounted for over 70% of the daily trading volume of the South Korean stock market. To put it simply, the majority of trading in South Korea's stock market, which currently has a market value of approximately $3.4 trillion and peaked at over $4 trillion, revolves around two companies and their leveraged products. This year, individual investors in South Korea have net bought over 11 trillion Korean won worth of KOSPI stocks, equivalent to approximately 77 billion US dollars. Retail investors often concentrate their funds after rising, and when the market falls, they also reduce, redeem, or are forced to close their positions. So currently, the South Korean stock market often experiences a one-day sharp decline, followed by a significant rebound, and then another decline. No one can say for sure whether the South Korean stock market has completed deleveraging, which means that the intense volatility may not end here. @Gate Crypto、 US stocks, Hong Kong stocks, South Korean stocks, gold CFD、 Predicting one-stop trading in the market