MSCI's new rules are in effect—companies that hoard coins as their main business are now excluded from the index. Strategy says this doesn’t affect our business. In the past few rounds, I was watching who was spending money to buy. Today, this machine itself has a problem. The volume from passive selling isn’t actually that big. The list comes out on November 11, and it takes effect after the market closes on November 30. JPMorgan estimates passive selling at $2.8 billion. Funds hold a total of 13 million shares, which isn’t even a day’s volume. What’s slowing down is the buying side. Last week, it only bought 250 coins, and the money came from selling stocks. The week before, it was 334 coins. For the entire Q3, holdings only increased by 0.2%. There’s still $18.8 billion in issuance capacity, and only 0.1% of it was used in a week. This machine has always been fueled by stock premiums. Over the past year, $BTC dropped 24%, and it dropped 47%. A similar one, Metaplanet, fell from 1,930 yen to 277. If next week’s report drops back to four digits, I’ll admit I was wrong.