South Korea's stock market plunge drives capital back to the crypto market, Upbit trading volume surges 1426%

Bitcoin stabilized after falling from $64,400 to $61,800 yesterday, currently trading at around $62,600. Coinglass data shows the total liquidation amount across the network over the past 24 hours is approximately $283 million, with long positions accounting for 74%. Binance’s liquidation heatmap indicates $61,300 is a key lower liquidation level. Market analysis believes the sharp slump in South Korea’s stock market is driving some capital to flow back into the crypto market. The KOSPI index has dropped by about 10% cumulatively since last Friday. Wu Blockchain data shows that impacted by this, the trading volume of South Korean exchange Upbit surged by 1426%, reflecting that some investors are shifting from the stock market to crypto assets. Additionally, altcoins showed mixed performance: LIT and ENA both rose by around 5.7%, NEAR increased by 3.3%, FET gained 1.7%; JUP and WLFI fell by 1.5% and 0.5% respectively. CoinMarketCap’s "Altcoin Season Index" has now risen to 54, ending its long-term state below 50.