Primitive Ventures’ Dovey Wan Says Korea May Be a Late-Cycle Risk Asset Indicator

Primitive Ventures co-founder Dovey Wan said on X that Korea may be one of the clearest late-cycle indicators in global risk assets, from the past “kimchi premium” in each crypto cycle to the current “memory stocks.” She said this reflects both the enthusiasm of Korean retail traders and market structure that further amplifies that frenzy. Wan said Korea launched leveraged products for single stocks on May 27, when the asset’s gains were already rising almost vertically. According to Odaily, she said local retail investors rushed in as the narrative peaked quickly, while investors in Hong Kong-listed leveraged products previously had months of upside. She said that when a crowded domestic stock market adds leverage tools to its hottest stocks after assets enter a reflexive surge, the launch itself forms part of a topping signal. Wan added that this pattern appears in every crypto cycle, with Korean exchanges usually listing assets only after they have already risen parabolically on global exchanges, leaving Korean retail traders as the last source of exit liquidity.