BiyaPay Analyst: Bitcoin Continues to Fall, Exacerbating MicroStrategy's Risk of MSCI Removal

BlockBeats News, November 21st, Bitcoin continued to fall, triggering market concerns about the systemic risk of MicroStrategy (MSTR), the world's largest "Bitcoin treasury" company. The latest data from JPMorgan Chase shows that retail investors have sold about $4 billion worth of Bitcoin and Ethereum spot ETFs in November, reaching a new high for the year; meanwhile, global stock ETFs have seen a net inflow of $96 billion this month, showing a clear trend of "selling crypto, buying stocks."

As MSTR's stock price significantly underperformed Bitcoin, its valuation premium rapidly shrank, shifting market focus to a key risk: major indices such as MSCI are considering excluding it. If removed in the review on January 15th next year, MSCI alone could trigger $2.8 billion in passive selling, with outflows potentially reaching $8.8 billion if the Nasdaq and Russell follow suit.

BiyaPay analysts pointed out that MSTR has gradually shifted from being a "Bitcoin proxy asset" to a "potential risk point in index constituents," and short-term volatility may continue to amplify. In the current market environment, compared to having indirect exposure through holding stocks, investors are more inclined to trade directly in US stocks, Hong Kong stocks, and futures using USDT through BiyaPay to accurately capture market trends; meanwhile, hedgers can also utilize BiyaPay's low-cost trading mechanism to flexibly switch between traditional and crypto assets.