The cryptocurrency market in the past three months has been truly extraordinary. Every day, it dips a little, testing patience; occasionally, there's a sharp plunge that breaks through the bottom line. Just when you can't hold on and start to cut losses, a violent rebound occurs, leaving those who missed out staring in disbelief.

But have you ever wondered—could this really be just a coincidence?

Having navigated the crypto space for so many years, I am increasingly convinced: such levels of rise and fall are never accidental. The entire process carries a sense of being precisely guided. Especially when connecting the deep correction in October with the rebound in January, you can sense the hand of the behind-the-scenes players.

The story begins on October 10th last year. That day, MSCI (the index provider under Morgan Stanley) made a major move: proposing to remove listed companies with high digital asset holdings from their global mainstream indices. The first targets were companies like MicroStrategy, which considers Bitcoin a core asset allocation, and enterprises like Metaplanet, whose balance sheets are heavily tied to digital assets.

Some might ask: It's just an index adjustment proposal, why would it have such a big impact? This is where MSCI's significance comes into play. How many passive funds and ETFs follow its indices? When MSCI issues a "removal" order, these funds are forced to sell related stocks passively. And they do so mechanically, without regard for cost.

Think about what this means—hundreds of billions of dollars of capital flow are guided by a single index adjustment. Stock prices plummet, market sentiment turns bearish, and the crypto market follows suit. The entire logical chain is as clear as can be.

Therefore, that deep correction in October, on the surface, seemed like spontaneous market panic, but in reality, someone had already set the rhythm long before. By January, as the impact of these index adjustments gradually dissipated and market expectations began to recover, the rebound arrived. This is not coincidence; it is the market mechanism at work.

Those who truly understand the market should realize this: the volatility of the crypto market is often tightly linked to macro capital flows and traditional financial policy adjustments. When global index providers like MSCI make moves, the ripples can spread throughout the entire market.