Glad crypto has trained me be extremely vigilant on this. From kichim premium in every crypto cycle now to memory stocks, Korea may be one of the cleanest late cycle indicators in global riskon assets. not just because Kr retail is exuberant degens, more on the market structure itself fuels retail heat even more Korea launched single-stock leveraged products on May 27, after the move had already gone vertical, local kr retail flood into it at peak narrative velocity vs investors in the HK-listed leveraged product still had months of upside cushion When a crowded national equity market adds leverage to its hottest stock after the reflexive phase begun, the product launch itself makes the formation of topping signal This happens every time in crypto cycle as well when local Korean exchanges listed assets mostly after they have gone up parabolic in global exchanges elsewhere, making poor korean retail as the last exit liquidity ..