KOSPI Plunges 10% as Bitcoin Decouples from Equities

South Korea's KOSPI index plummeted more than 10% on July 28, marking one of its lowest levels since mid-April. The sell-off was primarily led by semiconductor heavyweights Samsung Electronics and SK Hynix, as doubts emerged over the sustainability of artificial intelligence infrastructure spending.

Meanwhile, Bitcoin showed unexpected resilience, dipping only about 3% to around $63,500. Analysts noted that when pressure stems from sector-specific issues rather than macroeconomic factors, Bitcoin tends to decouple from equities.

CryptoQuant data shows exchange-held Bitcoin dropped by approximately 78,000 coins over six months, setting the stage for a potential supply-squeeze rebound.