Golden Finance reports that Asian stock markets have been mixed this year against the background of a strong US dollar. Some have achieved a bull market in stocks denominated in local currencies at the expense of exchange rate depreciation, while others have sacrificed part of the gains in the stock market at the expense of relatively stable exchange rates. South Korea is the only one. special case. In terms of the Korean won, the KSOPI has fallen 10.0% this year. After taking into account the fall of the Korean won, the KSOPI in U.S. dollars has fallen 18.9%, both of which are the weakest in Asia. From the perspective of capital flows, since the second half of this year, only institutions in South Korea have maintained net purchases in the stock market, while the residential sector has continued to reduce purchases. Analysts believe that the money Korean residents took out of the stock market was largely used for "currency speculation." According to data from the Bank of Korea (BOK), as of November, the number of domestic cryptocurrency investors in South Korea has reached 15.59 million, an increase of 610,000 from the previous month. Currently, 30% of the 51 million Korean citizens are speculating in currencies. The average daily trading volume of South Korea’s five major cryptocurrency exchanges—UPbit, Bithumb, Coinone, Korbit, and GOPAX—jumped from 3.4 trillion won in October to 14.9 trillion won in November, an increase of more than four times. Koreans have always been keen on investing in cryptocurrencies. In the first wave of the cryptocurrency bull market in 2017, about 5% of the population participated; in the second bull market in 2021, 10% of the population participated; now this proportion has expanded to 30%. However, historically, the Korean stock index and the Bitcoin price have been positively correlated as a whole. Until October this year, this positive correlation was completely broken. (Wall Street News)