#美联储重启降息步伐 Traditional finance has dealt another heavy blow to the crypto space.

The latest news shows that MSCI (Morgan Stanley Capital International) plans to kick out companies with more than 50% of their holdings in cryptocurrencies from its index system. This is no joke—MSCI’s indices are a barometer for trillions of dollars globally, guiding money flows from ETFs to mutual funds.

Simply put: if your company holds a huge amount of BTC or ETH on its books, sorry, but you’re no longer considered a “legitimate business” in their eyes. As far as MSCI is concerned, these companies have become “crypto funds in public company clothing,” not operating entities creating value through real business. The standard is clear—indices should track real economic activity, not speculative instruments.

How big is the impact? JPMorgan’s analysts did the math: MicroStrategy alone could face $2.8 billion in passive selling pressure. The company’s passive holdings are about $9 billion, accounting for 16% of its $56 billion market cap. Industry-wide? There’s a potential $11.6 billion in capital outflows.

What’s worse is the chain reaction. If MSCI acts, will indices like the Nasdaq 100 follow suit? The selling pressure could be on a whole new level.

This actually exposes traditional finance’s true attitude toward crypto assets—isolation. In the eyes of mainstream capital, cryptocurrencies are still classified as high-risk speculative instruments, not asset classes to be treated equally. So where are the boundaries of “institutional adoption?” This time, we have a clear answer.

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