South Korean regulators first opened the floodgates and released water to launch single stock leveraged ETFs. The bull market surged to the sky, but now they are slamming on the brakes to limit leverage. Buying orders are being choked off, circuit breakers are being implemented one after another, and the index is plummeting from its peak. They are still talking about rescuing the market every day? Continue to limit purchases and calculate which way to save. At the end of May, Samsung and Hynix's double leverage ETF was just approved, and the size soared to around KRW 16 trillion in just one month. After reaching its peak in June, it began to experience severe diarrhea. On July 16th, FSC took the initiative: suspending new products, increasing the deposit from 10 million to 30 million (cash only), and prohibiting advertising. Today (July 29th), F4 urgently held a meeting to increase funds, and personal leveraged investment was directly limited to less than 20% of total funds, which will be executed immediately. The finance ministers publicly apologized for the hasty approval process. The market was full of roast: only buying with cards, stabilizing funds and limiting short selling were not mentioned. KOSPI has retreated nearly 40% from its high of 9385 points in June. Today, it fell more than 12% during trading and closed down about 6% to 5663 points, breaking circuit breakers for two consecutive days. The number of circuit breakers this year has exceeded half of the historical record. The scale of leveraged ETFs has been reduced by a quarter to 70%, with a single day strong flat of up to 344.2 billion Korean won. Over 1.2 million accounts have been hit by chase protection, and hundreds of thousands have been directly forced flat. The highest market value evaporated by $2.18 trillion. Deleveraging itself is not a problem, but when the negative feedback is the most severe, only cutting and buying is unstable, which is equivalent to stepping on the accelerator for a decline. To truly bottom out, we have to wait until the leverage is cleared and real buying returns.