According to Onchain Lens monitoring, within the past 24 hours, a whale has opened a short position of 554,700 SOL with 20x leverage, valued at $38.14 million. This whale also holds a short position of 2,577.62 ETH with 11x leverage.

On June 23, the South Korean stock market faced heavy selling pressure, with the KOSPI index plummeting by 9.99%, marking the largest drop in three months; Samsung Electronics and SK Hynix both fell over 12%. Concerns that the recent rally had become overstretched and intensified selling of leading chip stocks contributed to the downturn. Additionally, a widely circulated 'Korean essay' on social media has been cited as one of the catalysts for retail investor panic. The report, attributed to the Korea News Agency, claims that lawmakers from both the ruling and opposition parties are jointly proposing radical tax reforms, intending to classify unrealized gains from investments in real estate and stocks as personal income subject to comprehensive taxation. It asserts that 'even without selling assets, taxes should be levied on the net increase in net assets.' Analysts point out that the South Korean stock market has recently accumulated significant profits due to the AI chip boom and is currently in a sensitive high position. In the context of recent warnings from regulatory authorities against excessive leverage, the effects of such policy-related 'essays' can often be amplified, accelerating a technical deep adjustment in the bullish market of Korean stocks.

On the X platform, on-chain analyst Ai Yi stated that the Southern Double Long Hynix is a leveraged ETF launched by Southern Dongying, which has seen over a tenfold increase since its listing in October last year, currently approaching a scale of $17 billion. This ETF tracks the performance of SK Hynix's underlying stock at double the rate. If Hynix fluctuates by 5% in a day, the ETF would need to rebalance $1.7 billion, while Hynix's trading volume yesterday was $11.2 billion. South Korean regulators have indicated they are considering separate measures for such leveraged ETFs, which has impacted the price of Southern Double Long Hynix.

On June 23, SpaceX's stock continued its downward trend in pre-market trading, following a day when the company's market value experienced the second-largest drop in U.S. stock market history. The stock fell by as much as 5% to around $147, dipping below the $150 opening price on its first day of trading. The rocket, satellite, and artificial intelligence company led by Elon Musk now faces the risk of its market value falling below $2 trillion. After three consecutive days of declines, SpaceX's market value has cumulatively evaporated by over $600 billion. On just Monday, its market value dropped by approximately $400 billion, second only to Nvidia's market value plunge of about $590 billion last year.

On June 23, IBM (IBM.US) saw a pre-market increase of 3.26%, reaching $260.44. During a ceremony at the White House on Monday, Eastern Time, Trump signed an executive order on quantum computing and specifically praised IBM CEO Arvind Krishna's leadership abilities. Previously, when Trump publicly mentioned Dell, its stock price surged over 14% during trading, leading to a short-term follow-the-leader effect in the market for 'presidential concept stocks.' Trump also joked that selling his IBM shares when he took office was 'not a wise choice,' further reinforcing positive market attention towards IBM.

On June 23, optical communication stocks in the U.S. market collectively declined in pre-market trading. Among them, Tower Semiconductor and AXT Inc fell over 10%, while MaxLinear, Mavenir Technologies, Coherent, and Credo Technology dropped over 8%. Astera Labs, Corning, Nokia, GlobalFoundries, and Lightwave Logic fell over 7%, and Lumentum decreased by more than 6%.

On June 23, US AI chip stocks collectively declined in pre-market trading. Intel fell over 8%, AMD dropped more than 6%, while Qualcomm, TSMC, and Lattice Semiconductor each fell over 5%. Baidu decreased by over 4%, and Broadcom, Tesla, Nvidia, Alphabet-A, NXP, and Alphabet-C all saw declines of over 3%.

On June 23, the South Korean KOSPI index plummeted by 9.99% on Tuesday, marking its largest drop in three months, as overseas investors sold off stocks following signals from Korean regulators about overheating in the chip industry. Alexander Redman, Chief Equity Strategist at CLSA, stated that Tuesday's correction highlights the increasing volatility in the market, with critics concerned that the market has expanded excessively and risks are rising. 'Volatility has gotten out of control. This level of volatility cannot be explained without significant retail participation,' Redman said. 'What worries me is that retail investors have taken the lead, as they are using a lot of margin, even though their ratio to market capitalization is small. Even more concerning is that regulators are now allowing leveraged single security ETFs, which further exacerbates the issue.' On Monday, the head of South Korea's market regulator indicated that the government was too hasty in approving leveraged funds linked to some well-known Korean chip stocks, which were launched last month and have intensified market volatility. Recently, South Korean regulators warned retail investors against using leverage in the KOSPI market, as margin debt or the amount borrowed to purchase stocks had reached a historic high in June.

Market data shows that TAO has fallen below $220, currently priced at $219.9, with a 24-hour decline of 5.5%. The market is experiencing significant volatility, so please ensure proper risk management.

Market data shows that BTC has fallen below $62,000, currently priced at $61,956.59, with a 24-hour decline of 3.59%. The market is experiencing significant volatility, so please ensure proper risk management.