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On June 16, the risk signals in the South Korean stock market are no longer just about 'rising too quickly'. More critically, part of the money driving the market comes from credit loans and overdraft limits, and this funding channel is being tightened by banks. Major banks in South Korea have first limited mortgage loans and are now reaching for credit loans, overdraft accounts, and internet loan access, with a direct goal: to suppress borrowing for stock investment. 
Goldman Sachs trader Alvin So noted in a client memo that the logic behind AI and semiconductors remains strong, and valuations are still attractive, but 'a new structural dynamic in the market has become more important than ever.' This dynamic refers to the amplification effects brought by leveraged ETFs and derivative positions. The core message is not to immediately short South Korean tech stocks, but to remind clients that core long positions can remain, but should be hedged with options against short-term pullbacks. 
The numbers are extreme. The assets of South Korean leveraged ETFs have reached about $40 billion, equivalent to approximately 2.6% of the market's freely tradable market capitalization; the implied volatility of South Korean options has risen to about 80%, compared to only around 20% a year ago; skew is nearing high levels, and the volatility term structure is inverted. In other words, rising stock prices have not lowered risk pricing but have instead surged alongside volatility. 
The credit side is also cooling down simultaneously. Last month, household loans in South Korea's entire financial system increased by 9.3 trillion won, with credit loans increasing by 3.4 trillion won in May, while they decreased by 900 billion won in April. After the regulatory emergency management mechanism was initiated, banks have gradually set loan limits, suspended some channels, and reduced unused overdraft limits. If stock market positions continue to be built on short-term borrowing and leveraged ETFs, the real danger is not just an ordinary pullback, but the simultaneous occurrence of financing contraction and position rebalancing.

[South Korean Banks Tighten 'Borrowing to Invest in Stocks', Goldman Sachs Advises Clients to Hedge Against Korean Stock Downside Risks]On June 16, the risk signals in the South Korean stock market are no longer just about 'rising too quickly'. More critically, part of the money driving the market comes from credit loans and overdraft limits, and this funding channel is being tightened by banks. Major banks in South Korea have first limited mortgage loans and are now reaching for credit loans, overdraft accounts, and internet loan access, with a direct goal: to suppress borrowing for stock investment. 
Goldman Sachs trader Alvin So noted in a client memo that the logic behind AI and semiconductors remains strong, and valuations are still attractive, but 'a new structural dynamic in the market has become more important than ever.' This dynamic refers to the amplification effects brought by leveraged ETFs and derivative positions. The core message is not to immediately short South Korean tech stocks, but to remind clients that core long positions can remain, but should be hedged with options against short-term pullbacks. 
The numbers are extreme. The assets of South Korean leveraged ETFs have reached about $40 billion, equivalent to approximately 2.6% of the market's freely tradable market capitalization; the implied volatility of South Korean options has risen to about 80%, compared to only around 20% a year ago; skew is nearing high levels, and the volatility term structure is inverted. In other words, rising stock prices have not lowered risk pricing but have instead surged alongside volatility. 
The credit side is also cooling down simultaneously. Last month, household loans in South Korea's entire financial system increased by 9.3 trillion won, with credit loans increasing by 3.4 trillion won in May, while they decreased by 900 billion won in April. After the regulatory emergency management mechanism was initiated, banks have gradually set loan limits, suspended some channels, and reduced unused overdraft limits. If stock market positions continue to be built on short-term borrowing and leveraged ETFs, the real danger is not just an ordinary pullback, but the simultaneous occurrence of financing contraction and position rebalancing.

South Korean Banks Tighten 'Borrowing to Invest in Stocks', Goldman Sachs Advises Clients to Hedge Against Korean Stock Downside Risks

On June 16, filings with the U.S. Securities and Exchange Commission revealed that SpaceX (SPCX.US) will acquire Anysphere through a merger. The transaction values Anysphere's equity at $60 billion.

[SpaceX to Acquire Anysphere in Merger Valued at $60 Billion]On June 16, filings with the U.S. Securities and Exchange Commission revealed that SpaceX (SPCX.US) will acquire Anysphere through a merger. The transaction values Anysphere's equity at $60 billion.

SpaceX to Acquire Anysphere in Merger Valued at $60 Billion

On June 16, market data showed that the price of HYPE increased by 12% in 24 hours, surpassing $75 and currently reported at $74.9, nearing the previous high of $75.5.

[HYPE Surpasses $75, Approaching Previous High]On June 16, market data showed that the price of HYPE increased by 12% in 24 hours, surpassing $75 and currently reported at $74.9, nearing the previous high of $75.5.

HYPE Surpasses $75, Approaching Previous High

On June 16, 'internet celebrity stock guru' Serenity posted on platform X revealing that he still holds AXTI.

[Serenity: I Still Hold AXTI]On June 16, 'internet celebrity stock guru' Serenity posted on platform X revealing that he still holds AXTI.

Serenity: I Still Hold AXTI

On June 16, Capital Economics stated that the Federal Reserve's decision to remain inactive this week is almost a certainty. The firm's North American Chief Economist, Stephen Brown, speculated that Walsh would not present his own interest rate forecast, but he would still be asked about his views at the press conference. Brown noted, 'The risk for the market is that Walsh's comments could be more hawkish than expected—either due to a communication misstep or simply because his current stance is not as dovish as it was when he was vying for President Trump's nomination.' However, Brown also warned that if Walsh feels constrained by Trump, an overtly dovish tone could reignite concerns about the Fed's independence and potentially drive up long-term bond yields. Brown indicated that there is a significant likelihood of two 'insurance rate hikes' occurring in December and early next year.

[Capital Economics: Fed's Inaction This Week is Expected, Walsh's Hawkish Risks Should Not Be Ignored]On June 16, Capital Economics stated that the Federal Reserve's decision to remain inactive this week is almost a certainty. The firm's North American Chief Economist, Stephen Brown, speculated that Walsh would not present his own interest rate forecast, but he would still be asked about his views at the press conference. Brown noted, 'The risk for the market is that Walsh's comments could be more hawkish than expected—either due to a communication misstep or simply because his current stance is not as dovish as it was when he was vying for President Trump's nomination.' However, Brown also warned that if Walsh feels constrained by Trump, an overtly dovish tone could reignite concerns about the Fed's independence and potentially drive up long-term bond yields. Brown indicated that there is a significant likelihood of two 'insurance rate hikes' occurring in December and early next year.

Capital Economics: Fed's Inaction This Week is Expected, Walsh's Hawkish Risks Should Not Be Ignored

On June 16, market focus has gradually shifted from the Middle East conflict itself to the reallocation of funds following the peace agreement. As Trump arrives in Europe for the G7 summit, both the U.S. and Iran have confirmed they will sign a memorandum of understanding on the 19th, and the process in the Strait of Hormuz continues to advance. However, according to the statements from Mitsui O.S.K. Lines, the world's largest tanker operator, the market is no longer concerned about whether the agreement will be signed, but rather whether shipping, insurance, and energy supply chains can return to normal operations. This is also the core reason behind the recent drop in oil prices and the rise in stock markets, while shipping companies remain cautious—risk events are fading, but risk premiums have not completely disappeared. From a macro perspective, the global market is facing the intertwining of three main lines of capital. The first is the correction of inflation expectations due to declining energy risks; if the U.S.-Iran agreement is successfully implemented, it will help lower energy prices and transportation costs. The second is the divergence in major central bank policies; the Bank of Japan has raised interest rates to a 31-year high but simultaneously announced it will stop further reducing its bond purchase scale, essentially still controlling bond market volatility. The third is that the new Federal Reserve Chair, Waller, is about to hold his first FOMC meeting, and the market's originally expected narrative of interest rate cuts has quickly shifted to 'high rates lasting longer,' with discussions even beginning about the possibility of rate hikes. In other words, the market is no longer trading on liquidity easing but rather on the repricing of global capital costs. Notably, the capital markets have not shown significant risk aversion as a result. SpaceX's IPO fundraising has expanded to $85.7 billion, NVIDIA has issued up to $20 billion in investment-grade bonds again, and BlackRock has pointed out that about $8 to $9 trillion is flowing back from money market funds into risk assets. This indicates that the market is not lacking liquidity; rather, liquidity is seeking new allocation directions. As large amounts of capital concentrate on AI, the space industry, and large tech companies, it also accumulates valuation risks in the market. The latest economist survey shows that over 70% of respondents believe the chance of a more than 20% correction in U.S. stocks in the coming year is higher than historical norms, reflecting that the market has begun to pay attention to the gap between asset prices and fundamentals. For the cryptocurrency market, this is a typical phase dominated by liquidity and risk appetite. The peace agreement, falling oil prices, and re-entry of funds are conducive to improving overall risk sentiment, but if Waller sends signals leaning towards controlling inflation or tapering at this week's FOMC, the market may still readjust its expectations for future liquidity. Additionally, SpaceX's options listing, the early arrival of the 'triple witching' day, and the quarterly rebalancing of the S&P 500 all suggest that global market volatility may significantly increase this week. In this environment, BTC's more important role is not to lead asset gains but to serve as an indicator of whether global capital is willing to continue taking risks. The short-term market is trading on the peace dividend, but what the medium to long-term market truly needs to verify is whether asset valuations in a high-interest-rate environment can be supported by real earnings and cash flows.

[Bitunix Analyst: Market Begins Trading Peace Dividend, But True Revaluation Lies in Global Cost of Capital and Liquidity Order]On June 16, market focus has gradually shifted from the Middle East conflict itself to the reallocation of funds following the peace agreement. As Trump arrives in Europe for the G7 summit, both the U.S. and Iran have confirmed they will sign a memorandum of understanding on the 19th, and the process in the Strait of Hormuz continues to advance. However, according to the statements from Mitsui O.S.K. Lines, the world's largest tanker operator, the market is no longer concerned about whether the agreement will be signed, but rather whether shipping, insurance, and energy supply chains can return to normal operations. This is also the core reason behind the recent drop in oil prices and the rise in stock markets, while shipping companies remain cautious—risk events are fading, but risk premiums have not completely disappeared. From a macro perspective, the global market is facing the intertwining of three main lines of capital. The first is the correction of inflation expectations due to declining energy risks; if the U.S.-Iran agreement is successfully implemented, it will help lower energy prices and transportation costs. The second is the divergence in major central bank policies; the Bank of Japan has raised interest rates to a 31-year high but simultaneously announced it will stop further reducing its bond purchase scale, essentially still controlling bond market volatility. The third is that the new Federal Reserve Chair, Waller, is about to hold his first FOMC meeting, and the market's originally expected narrative of interest rate cuts has quickly shifted to 'high rates lasting longer,' with discussions even beginning about the possibility of rate hikes. In other words, the market is no longer trading on liquidity easing but rather on the repricing of global capital costs. Notably, the capital markets have not shown significant risk aversion as a result. SpaceX's IPO fundraising has expanded to $85.7 billion, NVIDIA has issued up to $20 billion in investment-grade bonds again, and BlackRock has pointed out that about $8 to $9 trillion is flowing back from money market funds into risk assets. This indicates that the market is not lacking liquidity; rather, liquidity is seeking new allocation directions. As large amounts of capital concentrate on AI, the space industry, and large tech companies, it also accumulates valuation risks in the market. The latest economist survey shows that over 70% of respondents believe the chance of a more than 20% correction in U.S. stocks in the coming year is higher than historical norms, reflecting that the market has begun to pay attention to the gap between asset prices and fundamentals. For the cryptocurrency market, this is a typical phase dominated by liquidity and risk appetite. The peace agreement, falling oil prices, and re-entry of funds are conducive to improving overall risk sentiment, but if Waller sends signals leaning towards controlling inflation or tapering at this week's FOMC, the market may still readjust its expectations for future liquidity. Additionally, SpaceX's options listing, the early arrival of the 'triple witching' day, and the quarterly rebalancing of the S&P 500 all suggest that global market volatility may significantly increase this week. In this environment, BTC's more important role is not to lead asset gains but to serve as an indicator of whether global capital is willing to continue taking risks. The short-term market is trading on the peace dividend, but what the medium to long-term market truly needs to verify is whether asset valuations in a high-interest-rate environment can be supported by real earnings and cash flows.

Bitunix Analyst: Market Begins Trading Peace Dividend, But True Revaluation Lies in Global Cost of Capital and Liquidity Order

On June 16, SoftBank Group announced that it will launch AI cybersecurity services powered by OpenAI technology for Japanese enterprises, aiming to capture the growing market demand for AI defense capabilities. The launch event took place in Tokyo on June 16, where SoftBank Group CEO Masayoshi Son delivered a speech. During the event, Son warned that AI-driven cyberattacks could become Japan's 'Black Ship Crisis' moment—referring to the 19th-century event when American warships forced Japan to open its borders, implying that AI cyber threats could have similarly disruptive impacts on Japan. The launch of this service coincides with the United States imposing restrictions on competitors' AI models expanding overseas, and SoftBank's move is seen as a strategic action to accelerate its positioning in Japan's AI security market amid the backdrop of geopolitical technology competition.

[SoftBank Partners with OpenAI to Launch AI Cybersecurity Services in Japan, Masayoshi Son Warns of Potential AI Attack Crisis]On June 16, SoftBank Group announced that it will launch AI cybersecurity services powered by OpenAI technology for Japanese enterprises, aiming to capture the growing market demand for AI defense capabilities. The launch event took place in Tokyo on June 16, where SoftBank Group CEO Masayoshi Son delivered a speech. During the event, Son warned that AI-driven cyberattacks could become Japan's 'Black Ship Crisis' moment—referring to the 19th-century event when American warships forced Japan to open its borders, implying that AI cyber threats could have similarly disruptive impacts on Japan. The launch of this service coincides with the United States imposing restrictions on competitors' AI models expanding overseas, and SoftBank's move is seen as a strategic action to accelerate its positioning in Japan's AI security market amid the backdrop of geopolitical technology competition.

SoftBank Partners with OpenAI to Launch AI Cybersecurity Services in Japan, Masayoshi Son Warns of Potential AI Attack Crisis

On June 16, as the AI wave drives up the stock prices of tech giants like SK Hynix, the South Korean stock market has continued to strengthen this year. Retail investors, after realizing profits, have significantly shifted to the high-end real estate market. According to data from the South Korean Ministry of Land, Infrastructure and Transport, from January to April 2026, approximately 3.7 trillion won (about 16.5 billion RMB) from the sale of stocks and bonds by South Korean residents flowed into residential purchases, with 65.5%, or about 2.4 trillion won, concentrated in Seoul, particularly in affluent areas such as Gangnam District (370.7 billion won), Songpa District (353.2 billion won), and Seocho District (290.4 billion won). High-priced luxury homes have become the primary target for these funds. The proportion of funds from stock and bond liquidations used to purchase homes priced over 1.5 billion won (about 6.7 million RMB) has long been below 5% from 2020 to 2025, but this year it has surged: 9.3% in January, 9.8% in March, and in April it surpassed 10% for the first time, reaching 13.2%, nearly tripling the average of previous years. The 30-year-old demographic has become the largest group of homebuyers. In the first four months of this year, the 30-year-old group utilized stock and bond funds to purchase homes totaling 1.259 trillion won (about 5.6 billion RMB), surpassing the 40-year-old (1.109 trillion won), 50-year-old (802 billion won), and 60-year-old and above (489 billion won) groups, leading all age brackets. Meanwhile, the proportion of first-time homebuyers in Seoul's apartment buildings reached 45.6% from January to May this year, a record high since statistics began in 2010, with over half of first-time buyers being in their 30s. However, beneath the wealth effect of the stock market, the gap between the rich and the poor continues to widen. The overall net asset Gini coefficient in South Korea has risen from 0.584 in 2017 to 0.625 in 2025, the highest level since statistics were recorded in 2012. The Bank of Korea warns that rising housing prices are solidifying asset polarization, compounded by the widespread adoption of AI, which further exacerbates income disparities, leading to a noticeable decline in the economic status of the non-homeowning and young populations. Among households in the bottom 20% for both net assets and income, the proportion of those aged 20 to 30 has increased from 7.9% in 2020 to 15.2% in 2025, nearly doubling in five years.

[South Korean Retail Investors Shift Profits to Luxury Real Estate Market with Over 3.7 Trillion Won in Stock and Bond Funds Entering Seoul Market in First Four Months of This Year]On June 16, as the AI wave drives up the stock prices of tech giants like SK Hynix, the South Korean stock market has continued to strengthen this year. Retail investors, after realizing profits, have significantly shifted to the high-end real estate market. According to data from the South Korean Ministry of Land, Infrastructure and Transport, from January to April 2026, approximately 3.7 trillion won (about 16.5 billion RMB) from the sale of stocks and bonds by South Korean residents flowed into residential purchases, with 65.5%, or about 2.4 trillion won, concentrated in Seoul, particularly in affluent areas such as Gangnam District (370.7 billion won), Songpa District (353.2 billion won), and Seocho District (290.4 billion won). High-priced luxury homes have become the primary target for these funds. The proportion of funds from stock and bond liquidations used to purchase homes priced over 1.5 billion won (about 6.7 million RMB) has long been below 5% from 2020 to 2025, but this year it has surged: 9.3% in January, 9.8% in March, and in April it surpassed 10% for the first time, reaching 13.2%, nearly tripling the average of previous years. The 30-year-old demographic has become the largest group of homebuyers. In the first four months of this year, the 30-year-old group utilized stock and bond funds to purchase homes totaling 1.259 trillion won (about 5.6 billion RMB), surpassing the 40-year-old (1.109 trillion won), 50-year-old (802 billion won), and 60-year-old and above (489 billion won) groups, leading all age brackets. Meanwhile, the proportion of first-time homebuyers in Seoul's apartment buildings reached 45.6% from January to May this year, a record high since statistics began in 2010, with over half of first-time buyers being in their 30s. However, beneath the wealth effect of the stock market, the gap between the rich and the poor continues to widen. The overall net asset Gini coefficient in South Korea has risen from 0.584 in 2017 to 0.625 in 2025, the highest level since statistics were recorded in 2012. The Bank of Korea warns that rising housing prices are solidifying asset polarization, compounded by the widespread adoption of AI, which further exacerbates income disparities, leading to a noticeable decline in the economic status of the non-homeowning and young populations. Among households in the bottom 20% for both net assets and income, the proportion of those aged 20 to 30 has increased from 7.9% in 2020 to 15.2% in 2025, nearly doubling in five years.

South Korean Retail Investors Shift Profits to Luxury Real Estate Market with Over 3.7 Trillion Won in Stock and Bond Funds Entering Seoul Market in First Four Months of This Year

On June 16, Baoding Technology (002552.SZ) issued an announcement regarding unusual stock trading fluctuations and risk warnings. The company has recently noticed online rumors about its products being included in Nvidia's supply chain certification, which are all false. As of now, the company has not had any contact with Nvidia nor has it engaged in any form of business cooperation with them. The company's copper-clad laminate products mainly include conventional products such as FR-4 and composite boards, and it currently does not have AI copper-clad laminates. There have been no applications found in the AI server and computing power fields, and there are no sales of high-speed copper-clad laminates M7 and M9, with no related orders or revenue. The company's electronic copper foil primarily consists of HTE high-temperature, high-elongation electrolytic copper foil, which is a general standard product and cannot be applied in AI servers and computing power fields, resulting in a low product gross margin. The ultra-low profile copper foil HVLP1-3 is still in the customer certification and market expansion phase, has not been included in the AI server supply chain certification, has not formed mass production, and has no expansion plans, leading to uncertainty in future order acquisition and business development. HVLP4 is in the early stages of research and development, with no test samples available, and there is significant uncertainty regarding the success of its development. In the first quarter of 2026, HVLP copper foil revenue was approximately 100,000 yuan, accounting for only 0.01% of the company's total revenue, with sales accounting for only 0.03% of the company's copper foil sales, primarily consisting of customer certification sample products, with no formal orders and no overseas sales, contributing limited value to the company's overall operational performance in the short term.

[Baoding Technology Clarifies: No Contact or Business Cooperation with Nvidia]On June 16, Baoding Technology (002552.SZ) issued an announcement regarding unusual stock trading fluctuations and risk warnings. The company has recently noticed online rumors about its products being included in Nvidia's supply chain certification, which are all false. As of now, the company has not had any contact with Nvidia nor has it engaged in any form of business cooperation with them. The company's copper-clad laminate products mainly include conventional products such as FR-4 and composite boards, and it currently does not have AI copper-clad laminates. There have been no applications found in the AI server and computing power fields, and there are no sales of high-speed copper-clad laminates M7 and M9, with no related orders or revenue. The company's electronic copper foil primarily consists of HTE high-temperature, high-elongation electrolytic copper foil, which is a general standard product and cannot be applied in AI servers and computing power fields, resulting in a low product gross margin. The ultra-low profile copper foil HVLP1-3 is still in the customer certification and market expansion phase, has not been included in the AI server supply chain certification, has not formed mass production, and has no expansion plans, leading to uncertainty in future order acquisition and business development. HVLP4 is in the early stages of research and development, with no test samples available, and there is significant uncertainty regarding the success of its development. In the first quarter of 2026, HVLP copper foil revenue was approximately 100,000 yuan, accounting for only 0.01% of the company's total revenue, with sales accounting for only 0.03% of the company's copper foil sales, primarily consisting of customer certification sample products, with no formal orders and no overseas sales, contributing limited value to the company's overall operational performance in the short term.

Baoding Technology Clarifies: No Contact or Business Cooperation with Nvidia

On June 16, during the G7 summit in Évian-les-Bains, France, U.S. President Trump stated that the details of the US-Iran agreement will be made public after its official signing on the 19th. (Xinhua News Agency)

[Trump: Details of US-Iran Agreement to Be Released After Signing on 19th]On June 16, during the G7 summit in Évian-les-Bains, France, U.S. President Trump stated that the details of the US-Iran agreement will be made public after its official signing on the 19th. (Xinhua News Agency)

Trump: Details of US-Iran Agreement to Be Released After Signing on 19th

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Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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