How a Six-Week-Old Document Allegedly Triggered Bitcoin’s Worst Day

Key Takeaways

• The October 10 crypto crash is being described by analysts as a coordinated event, not a natural sell-off.
• A revived JPMorgan note about MicroStrategy’s index status is believed to have triggered panic at the perfect moment.
• The upcoming MSCI ruling in January 2026 is now seen as a major risk for MicroStrategy and BTC-linked stocks.

Instead of blaming weak sentiment or bad macro news, analysts from Bitcoin For Corporations argue that the collapse was engineered to shake companies that hold Bitcoin on their balance sheets — with MicroStrategy at the center of the crossfire.

According to their research, the crash didn’t begin on October 10 at all. It began months earlier with a sequence of events that, when viewed together, look less like coincidence and more like a coordinated economic pressure campaign.

The Document That Came Back to Life

Deep in the investigation is a JPMorgan investor note about MicroStrategy’s eligibility in major stock indexes. The document wasn’t new, secret, or leaked — it was simply ignored for 42 days. Then, during one of Bitcoin’s weakest weeks in November, it suddenly became the leading narrative pushed across financial news feeds. The timing is what stands out. After nearly six weeks of silence, the idea that MicroStrategy might be expelled from the MSCI and Nasdaq 100 indexes resurfaced precisely when traders were already nervous. The analyst behind the investigation claims this was not random chatter; it was psychological warfare to intensify panic.

A Four-Month Build-Up That Ended With Perfect Timing

Bitcoin For Corporations argues that October 10 needs to be understood in the context of an unfolding chain reaction. They highlight several flashpoints: a deliberate effort months earlier to popularize the idea of shorting MicroStrategy while going long Bitcoin; a margin policy adjustment that dramatically increased the cost of trading MicroStrategy stock; a spike in anxiety among institutional index providers after overseas companies began adopting MicroStrategy’s Bitcoin strategy; and finally, the announcement from MSCI that conveniently landed minutes before the White House tariff news that sent markets into shock. The claim is simple — the tariff panic masked the real trigger. The narrative about index risk became the spark that sent liquidation engines into motion.

Amplification and Accusations

Multiple voices within crypto media have echoed the theory. Commentators say JPMorgan and others waited for Bitcoin and MicroStrategy to show technical weakness before releasing fresh bearish coverage at maximum impact. Investment banker Simon Dixon went even further by arguing that MicroStrategy became structurally vulnerable the moment it fueled its Bitcoin strategy with Wall Street credit. If banks control the cost of leverage, he says, they also control the danger of liquidation. In his view, the October crash was not a revenge on Bitcoin itself but a reminder that Bitcoin in corporate wrappers still sits under the shadow of legacy finance.

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Saylor Responds

Michael Saylor has rejected the narrative that his company is just a Bitcoin proxy dressed up as tech. He maintains that MicroStrategy is a software business that simply leverages Bitcoin as part of its long-term corporate strategy. Saylor insisted that index labels do not dictate the identity or mission of the company and that MicroStrategy remains committed to Bitcoin regardless of how classification debates unfold.

The Numbers Give the Debate Teeth

Whether the crash was orchestrated or not, the fallout is severe. Bitcoin has dropped 12 percent since the beginning of 2025. MicroStrategy has suffered far more, losing more than half of its value in a single month. Large financial institutions selling billions of dollars’ worth of MicroStrategy stock during the same period only fueled suspicions, especially after it emerged that JPMorgan offloaded roughly a quarter of its holdings before MSCI’s ruling.

The final decision on MicroStrategy’s index status is now set for January 15, 2026. Between now and then, the pressure is expected to amplify, because MicroStrategy’s fate — and perhaps much of Wall Street’s attitude toward corporate Bitcoin adoption — may depend on what MSCI decides.

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