| In the early hours of Wednesday, December 4, after South Korean President Yoon Seok-yeol announced martial law in Seoul, protesters gathered outside the National Assembly.

South Korean assets have been 'targeted' by short sellers.$BTC

South Korean President Yoon Suk-yeol publicly announced the implementation of martial law, only to overturn the decision three hours later, hastily bringing it to an end. However, the media is filled with tumultuous images that suggest this chaos is far from over.

1. The initial headline news caught global markets off guard: the early market reaction was very swift, with the iShares MSCI South Korea ETF falling 7.1% in U.S. trading at one point, while Samsung Electronics' shares listed in London dropped as much as 7.5%. The won fell 2.9% during New York trading hours, performing the worst in the forex market. Meanwhile, investors flocked to U.S. Treasury bonds and gold for safety.

2. Many believe the event is over (South Korean risk has been mitigated), and that it is a domestic issue rather than an international conflict, so its impact on global markets will not last. However, it should be noted that the yen is a beneficiary of the political turmoil in South Korea, with the yen's rise dragging the dollar down, reversing its gains from earlier this week. If the dollar index continues to decline, this event could be termed a 'turning point event.'

3. The martial law in South Korea has been lifted, and all markets will open as usual. The South Korean bond market, stock market, and won will become the focus of global investors' attention, and shorting the won may become a profitable trade. Policymakers enjoy controlling the won, and after the significant volatility yesterday, volatility is expected to ease somewhat, but the crisis will not simply pass. Given that the situation in South Korea remains unstable, the South Korean financial market is unlikely to calm down. Protests are expected to intensify in the coming hours.

4. In terms of the financial market, South Korea has also entered a state of heightened alert. The Bank of Korea will hold a committee meeting at 09:00 local time to soothe trader sentiments. The South Korean government stated that it will deploy all possible financial and foreign exchange market stabilization measures, including unlimited liquidity injections, as long as necessary.

Although the immediate reaction to the martial law in South Korea is primarily limited to local assets, due to the country's extensive trade relations, investors still need to pay attention to its impact on global markets.#微策略持续增持BTC