Bitcoin Defies Korea's Stock Market Crash with Steady Rise

South Korea's stock market suffered its worst two-day stretch in history, with the KOSPI falling 11% on Wednesday following a similar drop on Tuesday. SK Hynix reported a 557% surge in quarterly profit but still missed expectations, sending shares down 17%. Samsung slid 12% ahead of its earnings report Thursday.

The broader AI trade continued to unwind at a pace that has rattled global equity desks all week. Despite this turmoil, Bitcoin held steady, rising 1% and trading near $63,800 as Asian markets were hammered.

This is the second time in five sessions that Bitcoin has maintained its value while the AI trade sold off. The relationship between Bitcoin and the chip sector appears to be breaking down, with traders noting a significant change in their correlation.