Good news: Yesterday, several Fed officials collectively turned dovish, and the market is now betting on another rate cut in December. This has finally put a stop to the recent panic and decline. Currently, prediction markets like Polymarket are showing a 66% chance of a rate cut, while CME Group is at 71%. Bad news: MSCI, one of the world’s largest stock indices, plans to remove Bitcoin MicroStrategy Strategy and a few other companies from its indices. In the past, a significant amount of capital entered MicroStrategy and similar companies through MSCI’s stock indices. MicroStrategy has always hoped to be included in the S&P 500, which would bring even more index fund capital. Right now, Wall Street’s JPMorgan predicts that if Strategy is officially removed, related outflows could reach $2.8 billion. If other exchanges and index providers follow suit, total outflows could hit $11.6 billion. This current rally has been driven by ETFs + publicly listed treasury-backed MicroStrategy companies. Whether they’ll sell Bitcoin in the future is uncertain, but the inflow of funds stopping is pretty much guaranteed. This also means MicroStrategy companies will face a halt in fundraising, making it impossible to purchase more crypto. If crypto prices keep falling, these companies’ upcoming financial reports won’t look good either, and investors will become even more cautious.