According to CoinMeta, CITIC Securities warned that the deleveraging and liquidation process in South Korea's stock market has not yet been completed, with the liquidation rate still being six to eight times higher than what is necessary to stabilize the market. On July 31st, the margin balances of South Korean brokers plummeted by 10% within a single day, indicating that the deleveraging pressure has not been fully relieved, which could lead to increased market volatility and affect investor sentiment. CITIC Securities pointed out that South Korea's stabilization fund is limited in size, and there are moral hazards associated with the intervention of the national pension service, leaving policymakers with limited tools to deal with further declines. Investors should closely monitor daily margin balances and liquidation data to determine whether the deleveraging process is nearing its end.