Retail investors in South Korea have sharply shifted capital out of crypto and into domestic equities—especially AI-linked semiconductor firms—after on-exchange crypto volumes plunged (Upbit down ~80%, Bithumb liquidity down two‑thirds). KOSPI has surged ~70% YTD (21% in October), led by Samsung Electronics and SK hynix, while active brokerage accounts rose from 86.57M to 95.33M and margin/leveraged products increased. Analysts say the move removed a key retail liquidity source from global crypto markets; bitcoin is noted around $100,000 and many altcoins have fallen.

Summary reports concrete outflows from crypto (Upbit ~80% decline, Bithumb liquidity down two‑thirds), a large reallocation into Korean equities (KOSPI +70% YTD, +21% in October) concentrated in Samsung and SK hynix, and a rise in active accounts and margin activity—facts that imply reduced retail crypto liquidity and increased demand for chip stocks.