Historical replay · SKHYB/USD
Tokenised SK Hynix Lost 9.5% Across Two Time Zones as the Kospi Fell 3.5%, Then Won Back 6% During the Next Seoul Session (October 2026)
SKHYB, the Binance token backed by SK Hynix's US-listed shares, fell from $144.10 to $130.45 between the US close on October 21, 2026 and the US close a day later. Seoul did the first part: the Kospi fell 3.52% to 5,533.77 and SK Hynix 5.49% to 1.22 million won as the company's buyback ended and doubts over AI spending returned, but the token lost only 2.3% during those hours. New York did the rest, from $139.36 to the low. When Seoul reopened on October 23 the token rose on its heaviest candle of the replay and reached $138.57, 6.2% off the low. Replay a Korean chip stock being re-priced twice, once at home and once abroad.
SKHYB is one of Binance's bStocks: listed on July 13, 2026, backed one-for-one by SK Hynix shares held with a regulated US broker-dealer, and tradeable every hour of the week, which means it is open both while Seoul trades the shares and while New York trades the American listing. On October 21 the Kospi had rebounded more than 3% from a run of steep losses, led by chip stocks, according to the Korea JoongAng Daily, and the token was at $143.74 after the 20:45 UTC candle, near its high of $144.10, as the US session closed.
Seoul opens at 00:00 UTC, and the first candle of October 22 looked like a continuation: up 1.67% to $143.30, with a high of $144.01, while the Kospi, after opening 1.14% lower, briefly turned positive and touched 5,740.28. Then the selling started and did not stop. The 01:00 UTC hour fell 1.07%, each of the next three hours lost between 0.56% and 0.73%, and the token was at $137.65 at the end of the 06:00 hour. The Kospi closed down 201.8 points, or 3.52%, at 5,533.77, with 706 decliners against 174 advancers; Samsung Electronics fell 4.03% to 214,500 won and SK Hynix 5.49% to 1.22 million won. Institutions sold a net 46.3 billion won. Daishin Securities' Lee Kyoung-min pointed to the end of SK Hynix's share buyback, which removed a source of support, and the JoongAng Daily noted that strong reports from Meta and Tesla had not eased doubts about the return on AI spending. The token, on thin overnight volume of $0.4 to $0.7 million an hour, had lost only 2.3% of its value while the shares at home lost 5.5%.
New York collected the rest. Before the US open Nasdaq-100 futures were down about 1.6% and Micron 3.3%, Brent crude was above $111 and a New York Times report said US and Israeli militaries had drafted plans for renewed strikes on Iran. The token's opening hour got as high as $139.36 in the 14:00 candle and then turned: the 14:00 hour fell 2.14% to $135.67, the 16:00 hour lost 1.07% on $1.09 million, the busiest hour of the US session, and the 19:30 candle dropped 1.40% to $131.40, followed by a 19:45 candle of 4,943 trades into the close. The 20:45 candle printed the low of $130.45, 9.5% below the previous evening's high. Over the same session tokenised Micron fell from $907.20 to $845.37 and the tokenised Nasdaq-100 ETF about 1.5%.
The rebound began fifteen minutes before Seoul did. The 23:45 UTC candle rose 0.81% on 3,470 trades; the 00:00 candle on October 23 retested $130.56 and closed at $133.41; the 00:45 candle rose 1.50% to $135.39 on $674,000 and 3,003 trades, the heaviest quarter-hour of the whole replay; and the 03:30 candle added 1.25% to $137.30 on 6,272 trades. The 05:00 candle reached $138.57, 6.2% above the low and still 3.8% below where the slide began. The point to take from it is the sequence, not the size. A token on a foreign share hears the home market's verdict twice, first in thin overnight trade and then in the American session, and the largest volume of the event came from buyers at the next Seoul open, not from sellers at either close.