@seonlee

It seems we finally have a clear explanation for why the market dumped hard on October 10 — and why it hasn’t shown any real recovery since. It’s actually simple, but it was a missing puzzle piece that most of us didn’t know. Here’s the summary: 1. One of the two major buyers driving this cycle was the DAT (treasury) companies like MSTR and BMNR. 2. The DAT business model is straightforward: scale up as much as possible and get included in major indices. Once included, passive capital automatically buys the stock, which pushes the company higher, which leads to more index inclusion — a self-reinforcing loop. 3. But on October 10, MSCI, the world’s second-largest index provider, officially announced they were reviewing a key question: “Should companies whose core business is holding crypto assets be treated as a company or as a fund?”

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