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QCP Market Colour, 8 June 2026 1/ Markets opened the week on edge. South Korea's KOSPI triggered circuit breakers after plunging 8.4%, as disappointing AI-related guidance from Broadcom sparked a tech rout and heavy foreign selling in Korea's semiconductor sector.

2/ The KOSPI's chipmaker concentration made the move sharper. Samsung Electronics and SK Hynix were hit hard, as investors questioned whether AI efficiency gains could moderate future memory demand. AI is still the story, but markets are debating who gets paid.

3/ Macro is not helping. Strong US jobs data has pared back Fed cut expectations, USD/JPY is back above 160 and Middle East tensions remain elevated. Not exactly a friendly backdrop for high-beta assets.

4/ Options markets remain defensive. 1-month vol is around 45v for $BTC and 65v for $ETH, while risk reversals remain skewed toward puts. The market is not abandoning risk, but it is keeping the seatbelt fastened.

5/ $BTC has found support above $60k after falling roughly 15% last week. $ETF outflows continued Friday, but selling pressure has been absorbed reasonably well so far. The floor may be forming, but conviction is still thin.

6/ Strategy remains the key swing factor, with STRC and dividend coverage uncertainty weighing on sentiment. With CPI, PPI and the expected SpaceX IPO ahead, $BTC has not thrown away the playbook. It has turned to the risk management chapter.