Goldman Sachs report says South Korean retail-investor funds flowing into crypto markets may weaken KOSPI subsequent support

AT A GLANCE

BlockBeats cited a Goldman Sachs report as saying that South Korean retail-investor funds are flowing into crypto markets, and KOSPI subsequent gains will depend more on buying by foreign investors and institutions.

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Goldman Sachs: South Korean retail-investor funds are flowing into crypto, causing KOSPI the index's rise to lack buying support

BlockBeats reported that September 28, Goldman Sachs Global Investment Research (GIR) South Korea equities analyst Chris Cha stated in a report dated September 23 that KOSPI is positioned for a short-term “tactical breakout,” but continued flows of South Korean retail liquidity into crypto markets will make the index’s subsequent rise more dependent on renewed allocations by foreign investors and domestic institutions.

Goldman Sachs said in the report that market concerns over Federal Reserve interest rates have been partially priced in, and risk appetite is shifting back toward the “proxy AI” theme. South Korean memory chips will also provide fundamental support. Fourth-quarter DRAM contract prices are expected to increase by double digits quarter on quarter, while HBM4 capacity ramp-up will continue to constrain standard-server DRAM supply. Samsung Electronics’ substantial shareholder returns, continued institutional buying, and foreign investors turning to net buying could all drive KOSPI to challenge the 7000 to 7200-point resistance zone.

The report also cautioned that the capacity of South Korean domestic retail investors to provide support is weakening. After Bitcoin returned to 85000 USD, crypto trading in South Korea rapidly heated up.

According to DefiLlama data, Upbit’s daily spot trading volume on June 13 rose from approximately 770000000 USD，September 22 to 1817000000 USD, an increase of approximately 136%. Based on the combined September 22 trading volume of South Korea’s five largest trading platforms cited in the report, Upbit alone accounted for more than half, sufficiently reflecting that South Korea’s domestic risk capital is flowing back into digital assets.

Goldman Sachs believes this will make the subsequent performance of 3270000000 USD more dependent on buying by foreign investors and institutions.KOSPI will be a key window for testing whether foreign investors are willing to continue increasing their exposure to South Korean semiconductors and October assets.

Original link AI https://m.theblockbeats.info/flash/369321

Key points

BlockBeats said that Chris Cha, a South Korea equities analyst at Goldman Sachs Global Investment Research, stated in a report dated September 23 that KOSPI is positioned for a short-term “tactical breakout.”
The report said that South Korean retail liquidity continues to flow into crypto markets, and KOSPI subsequent gains will depend more on renewed allocations by foreign investors and domestic institutions.
The report said that market concerns over Federal Reserve interest rates have been partially priced in, and risk appetite is shifting back toward the “proxy AI” theme.
The report expects fourth-quarter DRAM contract prices to increase by double digits quarter on quarter, and said that HBM4 capacity ramp-up will continue to constrain standard-server DRAM supply.
The report said that Samsung Electronics’ substantial shareholder returns, continued institutional buying, and foreign investors turning to net buying could drive KOSPI to challenge 7000 to 7200-point resistance zone.
The original report said that after Bitcoin returned to 85000 USD, crypto trading in South Korea rapidly heated up.
The article cited DefiLlama data as showing that Upbit’s daily spot trading volume rose from June 13 approximately 770000000 USD to September 22 1817000000 USD, an increase of approximately 136%。
The five largest South Korean trading platforms cited in the report September 22 had combined trading volume of 3270000000 USD, with Upbit accounting for more than half.
Goldman Sachs believes that October will be a key window for testing whether foreign investors will continue increasing their exposure to South Korean semiconductors and AI assets.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

The core point of this article is that the report believes South Korean retail investors are participating more actively in crypto trading. Therefore, if the South Korean stock market continues to rise, it may need more buying from foreign investors and domestic institutions. The article uses rising trading volumes on platforms such as Upbit to show that crypto trading is active, but this does not directly prove that funds have moved from stock accounts into crypto accounts.

Why it matters to readers

If retail-investor support for South Korean stocks weakens,KOSPI performance may become more sensitive to changes in foreign-investor and institutional funds. The article also mentioned memory-chip prices,HBM4 capacity, and the AI theme as factors to monitor in the report’s assessment that the South Korean stock market may receive support.

Beginners should distinguish between “increased trading volume” and “funds moving from the stock market into crypto markets”: the former is data provided in the article, while the latter is primarily Goldman Sachs’ analytical judgment. Going forward, monitor whether foreign investors and institutions continue buying, and whether trading volume on South Korean crypto platforms continues to rise.

Risks and unknowns

The news was relayed by BlockBeats and does not provide the full Goldman Sachs report, so the report’s wording and context cannot be fully verified from the available evidence.
An increase in platform trading volume alone cannot prove that funds directly flowed from the South Korean stock market into crypto markets.

Goldman Sachs report says South Korean retail-investor funds flowing into crypto markets may weaken KOSPI subsequent support

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