AI frenzy losing steam leaves bitcoin less volatile than South Korean stocks

South Korea's Kospi index has slumped 25% in four weeks as the AI frenzy fades, making it more volatile than bitcoin with implied volatility at 81% versus bitcoin's 38%. Options markets show the Kospi is now viewed as twice as risky as bitcoin, while Korean retail traders face over $2 trillion in forced liquidations from margin trading and leveraged ETFs. For bitcoin supporters, the cryptocurrency's lower volatility relative to the Kospi is a notable victory.