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On June 24, U.S. tech stocks experienced a rare sharp decline this year, which Goldman Sachs' trading desk believes is more akin to an orderly sell-off triggered by shocks from the Korean market and amplified by leverage and capital flows. Ariana Contessa and Mike Washington from Goldman Sachs & Co. LLC FICC & Equities wrote in the MarketFeed on June 24 that the overnight drop of approximately 10% in the Korean KOSPI index quickly weakened risk appetite, which transmitted to the U.S. trading session. By the close of trading, the S&P 500 index was down 1.44%, the Nasdaq 100 index fell 3.29%, the Russell 2000 index dropped 0.94%, and the Dow Jones Industrial Average remained nearly flat. The tech-heavy Nasdaq recorded its third-largest single-day drop in the past year, while the Philadelphia Semiconductor Index fell nearly 8%. The core of this sell-off was concentrated in the semiconductor and storage sectors. Goldman noted that there was a massive foreign capital sell-off in the Korean market overnight, with foreign investors selling over $2.5 billion worth of Korean stocks, and major stocks saw record trading volumes. SK Hynix's trading volume reached about $26 billion, marking its highest nominal trading volume in history; leveraged products related to Hynix traded approximately $3.5 billion, closing down 24%. This indicates that the declines were not solely due to fundamental concerns but were also magnified by leverage products and position adjustments. The Goldman trading desk also listed several additional pressures currently affecting the market: concerns over recent financing and potential follow-on offerings, issues related to funding for mega-cap tech stocks, individual company events, risk-averse sentiment ahead of Micron's earnings report, and the potential for U.S. pension funds to sell about $40 billion in U.S. stocks for month-end rebalancing. Goldman stated that this would be the largest month-end sell-off estimate in its model's history. However, this was not a panic-driven sell-off. Goldman indicated that the overall activity level of its trading desk was rated at 5 out of 10, with asset management firms and hedge funds showing a clear bias towards selling, particularly concentrated in tech and macro products, but the selling pressure was not overwhelming, and the overall sentiment felt 'orderly,' without excessive reactions or panic. The proportion of ETF trading rose to 36% at the open but remained well below the peak volatility levels seen in March, gradually retreating during the session. The derivatives market showed that investors were increasing their protective measures. Goldman noted that the volatility of the Nasdaq 100 was significantly stronger than that of the S&P 500, with the one-month implied volatility spread relative to the S&P 500 exceeding 10 volatility points, placing it in the 99th percentile over the past year. The trading desk continued to prefer using month-end expiring QQQ put spreads as hedging tools. Goldman concluded that the decline in tech stocks on Tuesday was not caused by a single negative factor but was the result of a combination of severe fluctuations in the Korean market, high concentration in the semiconductor and storage sectors, de-risking of leverage products, risk aversion ahead of earnings reports, and month-end capital rebalancing. Market sentiment has clearly weakened, but from the trading flow perspective, it remains an orderly risk reduction rather than a widespread panic.

[Goldman Sachs Analyzes Recent AI Stock Decline: Impact from Korean Market, Leverage Products, and Month-End Rebalancing Pressure]On June 24, U.S. tech stocks experienced a rare sharp decline this year, which Goldman Sachs' trading desk believes is more akin to an orderly sell-off triggered by shocks from the Korean market and amplified by leverage and capital flows. Ariana Contessa and Mike Washington from Goldman Sachs & Co. LLC FICC & Equities wrote in the MarketFeed on June 24 that the overnight drop of approximately 10% in the Korean KOSPI index quickly weakened risk appetite, which transmitted to the U.S. trading session. By the close of trading, the S&P 500 index was down 1.44%, the Nasdaq 100 index fell 3.29%, the Russell 2000 index dropped 0.94%, and the Dow Jones Industrial Average remained nearly flat. The tech-heavy Nasdaq recorded its third-largest single-day drop in the past year, while the Philadelphia Semiconductor Index fell nearly 8%. The core of this sell-off was concentrated in the semiconductor and storage sectors. Goldman noted that there was a massive foreign capital sell-off in the Korean market overnight, with foreign investors selling over $2.5 billion worth of Korean stocks, and major stocks saw record trading volumes. SK Hynix's trading volume reached about $26 billion, marking its highest nominal trading volume in history; leveraged products related to Hynix traded approximately $3.5 billion, closing down 24%. This indicates that the declines were not solely due to fundamental concerns but were also magnified by leverage products and position adjustments. The Goldman trading desk also listed several additional pressures currently affecting the market: concerns over recent financing and potential follow-on offerings, issues related to funding for mega-cap tech stocks, individual company events, risk-averse sentiment ahead of Micron's earnings report, and the potential for U.S. pension funds to sell about $40 billion in U.S. stocks for month-end rebalancing. Goldman stated that this would be the largest month-end sell-off estimate in its model's history. However, this was not a panic-driven sell-off. Goldman indicated that the overall activity level of its trading desk was rated at 5 out of 10, with asset management firms and hedge funds showing a clear bias towards selling, particularly concentrated in tech and macro products, but the selling pressure was not overwhelming, and the overall sentiment felt 'orderly,' without excessive reactions or panic. The proportion of ETF trading rose to 36% at the open but remained well below the peak volatility levels seen in March, gradually retreating during the session. The derivatives market showed that investors were increasing their protective measures. Goldman noted that the volatility of the Nasdaq 100 was significantly stronger than that of the S&P 500, with the one-month implied volatility spread relative to the S&P 500 exceeding 10 volatility points, placing it in the 99th percentile over the past year. The trading desk continued to prefer using month-end expiring QQQ put spreads as hedging tools. Goldman concluded that the decline in tech stocks on Tuesday was not caused by a single negative factor but was the result of a combination of severe fluctuations in the Korean market, high concentration in the semiconductor and storage sectors, de-risking of leverage products, risk aversion ahead of earnings reports, and month-end capital rebalancing. Market sentiment has clearly weakened, but from the trading flow perspective, it remains an orderly risk reduction rather than a widespread panic.

Goldman Sachs Analyzes Recent AI Stock Decline: Impact from Korean Market, Leverage Products, and Month-End Rebalancing Pressure

HTX data monitoring shows that XRP has fallen below 1.1 USDT, currently reported at 1.099 USDT, with a 24H decline of 2.41%.

【XRP falls below 1.1 USDT】HTX data monitoring shows that XRP has fallen below 1.1 USDT, currently reported at 1.099 USDT, with a 24H decline of 2.41%.

XRP falls below 1.1 USDT

On June 24, South Korea's KOSPI index erased as much as a 4% gain in the early session and turned negative, currently down over 1%. Samsung Electronics' gain narrowed to 3%, while SK Hynix fell by 3%. Additionally, the Hong Kong stock Southbound Double Long Hynix dropped over 8.6%.

[KOSPI Index Erases Early 4% Gain, Turns Negative]On June 24, South Korea's KOSPI index erased as much as a 4% gain in the early session and turned negative, currently down over 1%. Samsung Electronics' gain narrowed to 3%, while SK Hynix fell by 3%. Additionally, the Hong Kong stock Southbound Double Long Hynix dropped over 8.6%.

KOSPI Index Erases Early 4% Gain, Turns Negative

On June 24, official news from Sonic Labs stated that Fantom Opera will not be closing at the end of this month and will continue to operate at least until the end of this year. The cross-chain bridge will also receive regular funding support during this period. Meanwhile, Sonic has appointed Matt Visser as CEO and Kosta Kourkoumelis as COO, stating that it will enhance team responsibility transparency and improve community communication and support mechanisms.

[Sonic Labs: Fantom Opera to Operate at Least Until Year-End with New Management Appointments]On June 24, official news from Sonic Labs stated that Fantom Opera will not be closing at the end of this month and will continue to operate at least until the end of this year. The cross-chain bridge will also receive regular funding support during this period. Meanwhile, Sonic has appointed Matt Visser as CEO and Kosta Kourkoumelis as COO, stating that it will enhance team responsibility transparency and improve community communication and support mechanisms.

Sonic Labs: Fantom Opera to Operate at Least Until Year-End with New Management Appointments

On June 24, Luxshare Precision, a core player in AI computing infrastructure in the A-share market, plans to go public in Hong Kong, aiming to raise approximately $3 billion. The company has already received approval from the China Securities Regulatory Commission and has submitted application materials to the Hong Kong Stock Exchange.

[Luxshare Precision Plans to Go Public in Hong Kong, Aiming to Raise Approximately $3 Billion]On June 24, Luxshare Precision, a core player in AI computing infrastructure in the A-share market, plans to go public in Hong Kong, aiming to raise approximately $3 billion. The company has already received approval from the China Securities Regulatory Commission and has submitted application materials to the Hong Kong Stock Exchange.

Luxshare Precision Plans to Go Public in Hong Kong, Aiming to Raise Approximately $3 Billion

HTX data monitoring shows that TRX has broken through 0.33 USDT, currently reported at 0.33 USDT, with a 24H decline of 0.97%.

【TRX breaks through 0.33 USDT】HTX data monitoring shows that TRX has broken through 0.33 USDT, currently reported at 0.33 USDT, with a 24H decline of 0.97%.

TRX breaks through 0.33 USDT

On June 24, official news from Sonic Labs stated that Fantom Opera will not shut down at the end of this month and will continue to operate at least until the end of this year. The cross-chain bridge will also receive regular funding support during this period. Meanwhile, Sonic has appointed Matt Visser as CEO and Kosta Kourkoumelis as COO, and has announced plans to enhance team responsibility transparency and improve community communication and support mechanisms.

[Sonic Labs: Fantom Opera to Operate at Least Until Year-End with New Management Announced]On June 24, official news from Sonic Labs stated that Fantom Opera will not shut down at the end of this month and will continue to operate at least until the end of this year. The cross-chain bridge will also receive regular funding support during this period. Meanwhile, Sonic has appointed Matt Visser as CEO and Kosta Kourkoumelis as COO, and has announced plans to enhance team responsibility transparency and improve community communication and support mechanisms.

Sonic Labs: Fantom Opera to Operate at Least Until Year-End with New Management Announced

On June 24, South Korean payment platform KG Inicis announced plans to introduce stablecoin payments into the Solana ecosystem. KG Inicis is a major payment service provider in South Korea, with an annual transaction volume exceeding 250 trillion won. In addition to online payment scenarios, there are plans to launch a token-based merchant reward system in the future.

[KG Inicis Plans to Launch Stablecoin Payment Feature on Solana]On June 24, South Korean payment platform KG Inicis announced plans to introduce stablecoin payments into the Solana ecosystem. KG Inicis is a major payment service provider in South Korea, with an annual transaction volume exceeding 250 trillion won. In addition to online payment scenarios, there are plans to launch a token-based merchant reward system in the future.

KG Inicis Plans to Launch Stablecoin Payment Feature on Solana

On June 24, Adrian Boafo won the Democratic primary for Maryland's 5th congressional district on June 23 local time, emerging victorious from a field of 24 candidates to succeed the retiring Congressman Steny Hoyer. The super PAC 'United Democracy Project,' associated with the American Israel Public Affairs Committee (AIPAC), invested approximately $5.7 million in Boafo's campaign, while the super PAC 'Protect Progress,' allied with the cryptocurrency industry, contributed about $5.5 million, bringing the total to $11 million. The primary has been controversial due to the significant influx of external funding, with several competitors jointly condemning these interest groups for interfering in the primary and criticizing them for attempting to 'buy a seat with money.'

[Crypto Industry Supports Candidate Adrian Boafo to Win Maryland Congressional Primary]On June 24, Adrian Boafo won the Democratic primary for Maryland's 5th congressional district on June 23 local time, emerging victorious from a field of 24 candidates to succeed the retiring Congressman Steny Hoyer. The super PAC 'United Democracy Project,' associated with the American Israel Public Affairs Committee (AIPAC), invested approximately $5.7 million in Boafo's campaign, while the super PAC 'Protect Progress,' allied with the cryptocurrency industry, contributed about $5.5 million, bringing the total to $11 million. The primary has been controversial due to the significant influx of external funding, with several competitors jointly condemning these interest groups for interfering in the primary and criticizing them for attempting to 'buy a seat with money.'

Crypto Industry Supports Candidate Adrian Boafo to Win Maryland Congressional Primary

火币HTX报道，6月23日,韩国市场存储概念重挫，拖累美股市场存储概念盘前集体大跌。其中，闪迪、美光科技跌超9%，西部数据、慧荣科技跌超8%，希捷科技跌超7%，Rambus跌超6%。

【美股存储概念盘前集体大跌，闪迪、美光科技跌超9%】火币HTX报道，6月23日,韩国市场存储概念重挫，拖累美股市场存储概念盘前集体大跌。其中，闪迪、美光科技跌超9%，西部数据、慧荣科技跌超8%，希捷科技跌超7%，Rambus跌超6%。

美股存储概念盘前集体大跌，闪迪、美光科技跌超9%

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美股存储概念盘前集体大跌，闪迪、美光科技跌超9%

Descargo de responsabilidad：El contenido anterior no representa las posiciones de HTX.，HTX no ofrece ninguna recomendación de trading.。

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