Many people are asking, why didn't MSCI's recent move cause a big surge in Bitcoin's price?

In fact, MSCI did not remove Bitcoin and crypto-related listed companies from the index, that hasn't changed. But they made a new move — as long as these financial companies issue new shares, MSCI will no longer include these newly issued shares in the index components.

The situation was completely different in the past. Every time a company like Strategy issued new shares, large funds tracking the index had to buy a portion of them. This was a passive but steady buying pressure.

Now? The rules have changed. These index funds are no longer forced to absorb the newly issued stocks. Think about what this means — the automatically generated buying demand instantly evaporates. No one is forced to buy, and the appeal of raising funds through issuing new shares is greatly reduced. As a result, the efficiency of raising capital through dilution of equity has significantly decreased.

So don't be surprised why MSCI's announcement this time didn't trigger wild market fluctuations. The logic is quite simple — the automatic buying demand is gone, and the market's certainty-based purchasing power weakens accordingly.