Who caused the cliff-like drop of Bitcoin? On October 10, the market was filled with confusion: why was there such a sharp crash despite no changes in the fundamentals?
Now the events have finally surfaced, which not only explain the crash of that day but may also influence the future flow of institutional funds.
On the evening of October 10, MSCI quietly announced a proposal to remove MicroStrategy (MSTR) from the global index, raising concerns that institutions would have to "force sell."
On November 19, JPMorgan released a report at the most vulnerable time for the market, deliberately amplifying this risk, triggering a fierce backlash from the crypto community.
Subsequently, Michael Saylor publicly countered, proving that he is an "operating company" rather than a "fund," attempting to salvage the situation.
