On July 29, according to South Korean media reports, the South Korean stock market experienced a sharp decline for two consecutive days. On July 28, despite massive foreign investor sell-offs, South Korean retail investors bucked the trend by net buying over 4.3 trillion won to bottom-fish. However, on July 29, the market decline further widened, and retail investors turned to panic selling, with net selling of 1.42 trillion won in the morning, indicating that the previously absorbed funds had begun to stop losses and exit. As of the morning of July 29 local time, the KOSPI had fallen by over 12% at one point, and the KOSDAQ by over 8%, both triggering circuit breakers for the first time in history. Samsung Electronics and SK Hynix suffered heavy losses for two consecutive days, with a combined market cap evaporation of approximately 530 trillion won, of which Samsung Electronics shrank by 257 trillion won and SK Hynix by 273 trillion won. Citigroup estimates that the cumulative losses of leveraged ETFs held by South Korean retail investors amount to approximately $38.7 billion (about 56.3 trillion won). At the same time, the margin balance of South Korean investors has decreased by more than 30 trillion won from its peak, while the net purchase of U.S. stocks by South Korean investors in July surged about 5.7 times month-on-month, indicating that funds are accelerating out of Korean stocks and shifting to overseas markets.