Markets Alpha(@MarketsAlpha):Yesterday, the $KOSPI (Korea Composite Stock Price Index) saw a peak-to-trough drawdown worth roughly 45% of Bitcoin’s market cap. The index dumped around 10% intraday. Even though Korean equities are still a tiny niche on Hyperliquid, nearly $5M was liquidated across those markets, mostly in $SKHX, $EWY and $SMSN. The top loser was the wallet we named “MU-Insider”. He wasn’t liquidated, but saw his ~$1.5M in gains get wiped out, mainly due to his $SKHX long. In a similar spot was AlberBlanc (ABC), one of the biggest Hyperliquid market makers. They were liquidated in $EWY and $SMSN for $2.19M. But here’s the crazy part: KOSPI and Korean stocks are still up around 100% YTD. The value created this year is roughly equivalent to 2x Bitcoin’s entire market cap. Did the Korean stock market just top, or is this only a shakeout before the rally continues?

2026.06.26 14:38

Yesterday, the $KOSPI (Korea Composite Stock Price Index) saw a peak-to-trough drawdown worth roughly 45% of Bitcoin’s market cap. The index dumped around 10% intraday. Even though Korean equities are still a tiny niche on Hyperliquid, nearly $5M was liquidated across those markets, mostly in $SKHX, $EWY and $SMSN. The top loser was the wallet we named “MU-Insider”. He wasn’t liquidated, but saw his ~$1.5M in gains get wiped out, mainly due to his $SKHX long. In a similar spot was AlberBlanc (ABC), one of the biggest Hyperliquid market makers. They were liquidated in $EWY and $SMSN for $2.19M. But here’s the crazy part: KOSPI and Korean stocks are still up around 100% YTD. The value created this year is roughly equivalent to 2x Bitcoin’s entire market cap. Did the Korean stock market just top, or is this only a shakeout before the rally continues?