KOSPI Falls 19.3% in Q3, Worst Quarterly Drop Since Q1 2020

The scale of the quarterly drawdown matters more than the single-session move: a decline this steep puts Korean equities in rare company and signals that selling pressure was sustained rather than event-driven. For crypto and RWA markets, the read-through is sentiment, not correlation — Korean retail has historically been a visible marginal buyer in digital assets, and a badly bruised equity market can reshape risk appetite at the margin. Whether that translates into rotation toward crypto or further de-risking is the open question; the composition of flows in the coming weeks is worth watching.