Odaily has reported that discussions among various political parties in South Korea have emerged regarding the potential inclusion of unrealized stock gains in comprehensive taxation. This proposed move has raised significant concerns, particularly in relation to the high valuations of technology stocks. In reaction to these developments, a notable circuit breaker was triggered on the KOSPI index, indicating heightened market volatility.
One of the most affected companies was SK Hynix, whose stock price plunged by over 8% as investors reacted to the news. This decline drew increased attention to trading in related contract markets. As per data from CoinGlass, the total open interest for SK HYNIX contracts across various trading platforms has reached approximately $184 million.
The liquidity for SK Hynix as an underlying asset is predominantly concentrated among the leading trading platforms. Binance, Bitget, and OKX have emerged as the top three platforms for open interest in SK HYNIX contracts. Their shares of the total open interest are significant, with Binance accounting for 56.58% ($104 million), followed by Bitget at 15.81% ($29.05 million), and OKX with 11.4% ($20.96 million). Collectively, these three platforms command around 83% of the market share, underscoring their critical role in trading SK Hynix contracts amidst the prevailing uncertainties in the market.
