I just reviewed the liquidity data in South Korea, and what's happening is quite remarkable. The stablecoin balances on major Korean exchanges have plummeted 55% since July, dropping from $575 million to $188 million. The interesting part is that it's not due to market exit, but rather that the money is moving elsewhere. When the won weakened below 1,500 per dollar in mid-March, traders literally sold their dollar positions and transferred the funds into local stocks. This hasn't been seen since the 2008 crisis. The government also exerted pressure with those repatriation schemes offering tax exemptions if reinvested in the domestic market. Brokerage data shows that while stablecoin balances were falling, deposit holdings for stock purchasing remained stable, indicating that capital was actively redeployed. The KOSPI has risen 37% this year, driven by Samsung and SK Hynix, concentrating almost all retail flow. For us in crypto, this is important because South Korea has always been a key source of retail liquidity. If those flows don't return, trading volumes could remain under pressure. It all depends on whether the stock rally sustains or if a correction forces a rotation back into crypto.