比特币策略 - 528BTC

Expand Yes, JPMorgan Chase released a bearish research report today (November 21, 2025), warning that MicroStrategy (#MSTR, now renamed Strategy) may face the risk of being removed from major stock indices such as the MSCI U.S. Index due to its massive holdings of Bitcoin (649,870 Bitcoins, approximately 99% of its enterprise value). This could trigger a forced sell-off by passive funds, with JPMorgan Chase estimating that MSCI-tracking funds alone would face $2.8 billion in outflows—and potentially as much as $8.8 billion to $11.6 billion if other index providers such as the Nasdaq 100 and Russell ETFs follow suit. The bank believes that MSTR's recent 40% monthly plunge in share price (to approximately $173) and its divergence from Bitcoin's performance are more due to these index risks than to the weakness in the cryptocurrency market, noting that approximately $9 billion of its $59 billion market capitalization is held by passive index funds. This exacerbated panic within the cryptocurrency community, with Michael @saylor refuting X's claims, insisting that Strategy "is neither a fund, nor a trust, nor a holding company." Community posts also accused the scheme of artificially creating panic to drive down prices and encourage hoarding. JPMorgan Chase's past skepticism towards Bitcoin (e.g., its past calls for regulation and bear market predictions) further reinforced the negative perception of MSTR's leveraged Bitcoin strategy.