Strategy, the world's largest holder of Bitcoin, has been officially removed from the MSCI index. An hour after the announcement, BTC fell 1% to $73,930. Passive funds must liquidate their positions by November 30th. JPMorgan Chase estimates that selling pressure could reach as high as $2.8 billion. Strategy is one of the core channels through which institutional funds enter BTC. With this channel cut off, BTC liquidity has been further reduced.