According to @cas_abbe, MSCI said on Oct 10 it is considering a rule to remove companies from its global indexes if 50% or more of their assets are in Bitcoin or other digital assets and their main activity resembles a crypto treasury. Source: @cas_abbe on X. The source states this would force index funds tracking MSCI benchmarks to sell positions in names like MicroStrategy (MSTR) if the rule becomes active, creating mechanical outflow risk. Source: @cas_abbe on X. The source links the same-evening Oct 10 crypto market sell-off to the announcement timeline, suggesting the rule change news catalyzed the move. Source: @cas_abbe on X. The source adds that JPMorgan issued multiple bearish notes on MicroStrategy in the days after Oct 10, amplifying pressure while panic was building. Source: @cas_abbe on X. Because the market often treats MSTR as a Bitcoin proxy, the source argues that negative reports on MSTR worsened BTC sentiment and compounded the sell-off. Source: @cas_abbe on X. Michael Saylor responded that MicroStrategy is an operating software company building products and issuing instruments rather than a fund merely holding Bitcoin, according to the source. Source: @cas_abbe on X. The source summarizes the chain as: proposed MSCI rule implies risk of forced selling, JPMorgan reports increased fear, MSTR weakness fed into BTC, and the situation escalated quickly. Source: @cas_abbe on X.