Internet reports that Asian stock markets have been mixed this year against the background of a strong US dollar. Some have achieved a bull market for stocks denominated in local currencies at the expense of exchange rate depreciation, while others have sacrificed part of the stock market's gains with a relatively stable exchange rate. Only South Korea is a special case. In terms of the Korean won, the South Korean Composite Index KSOPI has fallen by 10.0% this year. After taking into account the decline in the Korean won, the dollar-denominated KSOPI fell by 18.9%, both of which are among the weakest in Asia. In terms of capital flow, since the second half of this year, only institutions in South Korea have maintained net purchases in the stock market, and the residential sector has been continuously reducing purchases. Analysts believe that a large extent of the money taken out of the stock market by South Korean residents is spent on "speculation". Bank of Korea (BOK) data shows that as of November, the number of domestic cryptocurrency investors in South Korea has reached 15.59 million, an increase of 610,000 from the previous month. Currently, 30% of the 51 million South Korean citizens are speculating in currency. The average daily trading volume of South Korea's five largest cryptocurrency exchanges-UPbit, Bithumb, Coinone, Kbit, and GOPAX jumped from 3.4 trillion won in October to 14.9 trillion won in November, an increase of more than fourfold. South Koreans have always been keen on investing in cryptocurrencies. In the first bull market for cryptocurrencies in 2017, about 5% of the population participated; in the second bull market in 2021, 10% of the population participated; today this proportion has expanded to 30%. But historically, South Korea's stock index and Bitcoin prices were generally positively correlated. Until October this year, this positive correlation was completely broken. (News from Wall Street)