BiyaPay analyst: Bitcoin continues to decline, exacerbating the risk of MicroStrategy being eliminated by MSCI BlockBeats News: On November 21st, Bitcoin continued to decline, causing systemic risk concerns in the market for MicroStrategy (MSTR), the world's largest "Bitcoin treasury" company. According to the latest data from JPMorgan, retail investors sold approximately $4 billion worth of Bitcoin and Ethereum spot ETFs in November, setting a new high for the year; At the same time, the net inflow of global stock ETFs this month has reached $96 billion, showing a clear differentiation of "selling cryptocurrencies and buying US stocks". With MSTR's stock price significantly underperforming Bitcoin, its valuation premium is rapidly shrinking, and market focus is shifting towards a key risk: major indices such as MSCI are considering removing it. If removed from the review on January 15th next year, the MSCI index alone could trigger a passive sell-off of $2.8 billion, and if the Nasdaq and Russell follow suit, the outflow could reach up to $8.8 billion. BiyaPay analysts pointed out that MSTR has gradually shifted from a "Bitcoin proxy target" to a "potential risk point for index components", and short-term fluctuations may continue to amplify. In the current market environment, investors are more inclined to use BiyaPay to directly trade US stocks, Hong Kong stocks, and futures using USDT, in order to accurately capture market trends, compared to indirectly holding stocks; At the same time, safe havens can also use BiyaPay's low-cost transaction mechanism to flexibly switch between traditional and encrypted assets.