This year, Asian stock markets have been mixed against the backdrop of a strong dollar. Some have achieved bull markets in local currency-denominated stocks at the expense of exchange rate depreciation, while others have sacrificed some of the gains in stock markets with relatively stable exchange rates. Only South Korea is an exception. In terms of the Korean won, the KSOPI of the Korean Composite Index has fallen by 10.0% this year. After considering the decline of the Korean won, the KSOPI in US dollars has fallen by 18.9%, which is the weakest in Asia. From the perspective of capital flow, since the second half of this year, only institutions in South Korea have maintained the net purchase scale of the stock market, and the residential sector has been reducing the purchase. Analysts believe that the money that South Korean residents come out of the stock market is largely used to "speculate on coins". According to the Bank of Korea (BOK) data, the number of domestic cryptocurrency investors in South Korea has reached 15.59 million as of November, an increase of 610,000 from the previous month. Currently, 30% of South Korean nationals 51 million are speculating on coins. The average daily trading volume of the five major cryptocurrency exchanges in South Korea - UPbit, Bithumb, Coinone, Korbit, and GOPAX jumped from 3.40 trillion won in October to 14.90 trillion won in November, an increase of more than four times. South Koreans have always been enthusiastic about investing in cryptocurrencies. In the first bull market of cryptocurrencies in 2017, about 5% of the population participated; in the second bull market in 2021, 10% of the population participated; now that proportion has expanded to 30%. But historically, the Korean stock index has been positively correlated with the bitcoin price as a whole, until this October, this positive correlation was completely broken. (Wall Street news)