[Goldman Sachs: Korean Retail Funds Flowing into Crypto, Leading to Lack of Buying Support for KOSPI Index Upside] BlockBeats News, September 28, Goldman Sachs Global Investment Research (GIR) Korea equity analyst Chris Cha stated in a report on September 23 that while KOSPI is positioned for a short-term 'tactical breakout,' the continued liquidity shift of Korean retail investors into the crypto market will make the index's subsequent upside more reliant on reallocations by foreign investors and domestic institutions. Goldman Sachs noted in the report that concerns over Federal Reserve interest rates have been partially priced in by the market, and risk appetite is shifting back toward the 'proxy AI' theme. Korean memory chips are also expected to provide fundamental support, with DRAM contract prices projected to grow by double digits quarter-over-quarter in Q4, and the ramp-up of HBM4 production continuing to constrain the supply of standard server DRAM. Samsung Electronics' substantial shareholder returns, consistent institutional buying, and foreign investors turning to net buying could drive KOSPI to challenge the resistance zone of 7,000 to 7,200 points. However, the report also cautioned that the absorption capacity of Korean retail investors is weakening. Following Bitcoin's return to $85,000, crypto trading in Korea has surged rapidly. According to DefiLlama data, Upbit's single-day spot trading volume on June 13 was approximately $770 million, rising to $1.817 billion on September 22, an increase of about 136%. Based on the report's cited total trading volume of $3.27 billion across Korea's five major trading platforms on September 22, Upbit alone accounted for more than half, reflecting the reallocation of Korean domestic risk capital toward digital assets. Goldman Sachs believes this shift will make KOSPI's future trajectory more dependent on foreign and institutional buying. October will be a critical window to assess whether foreign investors are willing to continue increasing their exposure to Korean semiconductor and AI assets.