Despite an 8% crash in South Korean stocks on July 14, the expected liquidity rotation into crypto failed to materialize as Upbit trading volumes rose by only 4%. By July 20, the KOSPI index's annualized volatility reached 57%, surpassing Bitcoin's 47%. On July 22, trading activity across major Korean crypto exchanges fell sharply as the KOSPI index surged, signaling a shift of retail liquidity back into equities.
