Foreign Capital Exodus, Retail Investor Leverage, Profit-Taking Blamed for South Korea's 'Black Monday'
June 8. Today, South Korea’s stock market extended its Friday slump, falling over 8% right after opening before trading was halted by a circuit breaker. South Korean exchanges held an emergency meeting Monday to review the sharp market turbulence and discuss steps to keep the market stable, reports noted.
Data shows that after the Kospi hit a record high last week, foreign investors have pulled out nonstop—net selling of Kospi stocks topped $10 billion in just the past week. That selling pressure also weighed on the Korean won, pushing the KRW/USD exchange rate to its lowest point since March 2009.
South Korean exchange data adds that driven by AI-fueled chip demand, Samsung Electronics and SK Hynix make up a combined 54% of the Korea Composite Stock Price Index (KOSPI), and their daily trading volume in May accounts for roughly half of the index’s total. Nearly three-quarters of the Kospi’s gains this year came from these two firms. When the benchmark index hit a record high last Tu
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This Week's Large Unlock: Tokens such as WET, ME, and APT will unlock over $30 million this week
**Flash Token Unlock Update (June 8): Over $30M in WET, ME, APT Tokens to Unlock This Week**
June 8th — Data from Token Unlocks shows this week will feature large one-time token unlocks for HumidiFi (WET), Babylon (BABY), Magic Eden (ME), and Aptos (APT), with a combined value exceeding $30 million. Full details per asset:
- HumidiFi (WET): 256 million tokens will unlock on June 9th, valued at approximately $14.66 million, equal to 111.59% of its circulating supply.
- Babylon (BABY): 136 million tokens will unlock on June 10th, worth around $2.27 million, representing 6.87% of its circulating supply.
- Magic Eden (ME): 172 million tokens will unlock on June 10th, valued at roughly $10.36 million, making up 33.99% of its circulating supply.
- Aptos (APT): 11.31 million tokens will unlock on June 12th, worth about $7.58 million, accounting for 0.67% of its circulating supply.
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Huang Renxun: AI-Related Stocks Are Currently Very Cheap
June 8 — NVIDIA CEO Jensen Huang told reporters at a June 8 press conference held at Seoul’s Jongno-gu SK Square Building, alongside SK Group Chairman Chey Tae-won, that, “If you are a shareholder of an AI company, you will be happy, and there may be more opportunities in the future.” Huang further noted that “its current price is very low.”
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A Whale "Perfectly Timed the Market" by Buying 1656 Bitcoins, Now Deposited in Binance
On June 8, per monitoring from LookOnChain, a crypto whale bought 1,656 BTC at roughly $59,734 (totaling $98.93 million) and then moved those coins to Binance just three hours ago—raking in $3.5 million in profit in a mere two days.
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Huang Renxun’s Pump-and-Dump Drives Tradfi Platform Hynix Stock Price Up Over 4% Following Korean Trading Halt
June 8: After a trading halt on South Korea’s stock market, Jensen Huang (Huang Renxun) swiftly placed a buy order, stating, “Everyone has the opportunity to buy stocks at a lower price.” Likely driven by this action, SK Hynix’s stock continued to rebound on Tradfi platforms: trading at $1288 on trade.xyz and $1305 on Binance, marking an over 4% gain following the South Korean trading pause.
According to Bitget’s market data, after SK Hynix resumed trading on South Korea’s stock exchange, its stock stabilized after an earlier dip. It is now priced at 1.986 million South Korean won (equivalent to $1277.56), with its decline narrowed to 3.96%.
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「Binance Coin Life」 Whale Garrett Jin Increases Holdings by Another 4.2 Million Coins in the Last 24 Hours
June 8 – According to Chainalysis, Binance Smart Chain (BSC) whale Garrett Jin purchased an additional 4.2 million BSC Life tokens via onchain transactions over the past 24 hours, worth $3.67 million. Jin now holds 288 million BSC Life tokens total, valued at $2.36 billion, accounting for 28.8% of the token’s entire supply. In the last week alone, the whale has bought 61.09 million BSC Life tokens at an average price of $0.7 per token, totaling $42.77 million in purchases.
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