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South Korean crypto exchanges recorded a spike in trading activity as the country's equity market fell across several sessions.
The case for reading this as investors rotating out of stocks and into digital assets is intuitive. What complicates it is crypto's own record as a risk asset.
The mechanism behind the surge The sequence was clear enough: equity market weakness, followed by a rise in crypto exchange activity.
South Korean exchanges saw trading surge during the period of stock market decline, a pattern this market has produced before. The question this desk asks at moments like this is who is selling to whom.
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