MicroStrategy(US:MSTR) 美股IPO·2025-11-21 08:55Group 1 - Retail investors have sold approximately $4 billion worth of spot Bitcoin and Ethereum ETFs since November, setting a new record for monthly sell-offs, surpassing the previous record from February [3][7] - In contrast, retail investors are actively buying into the stock market, with global stock ETFs seeing a net inflow of $96 billion so far in November, which could reach $160 billion for the entire month [5][13] - This behavior indicates that retail investors do not view the cryptocurrency market crash as a signal to shift away from risk assets overall [6][15] Group 2 - The adjustment in the cryptocurrency market is primarily driven by non-native cryptocurrency investors, particularly retail investors who typically invest through spot Bitcoin and Ethereum ETFs [7] - Bitcoin's price has fallen below its estimated production cost of $94,000 for the first time since July 2020, indicating a significant shift in market dynamics [10] - Retail investors have shown a selective allocation strategy, continuing to buy stocks while selling off cryptocurrency ETFs during specific months [15] Group 3 - MicroStrategy, a major holder of Bitcoin, faces significant risks of being removed from key indices like MSCI, which could trigger passive fund outflows of up to $8.8 billion [6][19] - The company's stock performance has lagged behind Bitcoin, with its valuation premium shrinking significantly, reflecting market concerns about potential index exclusion [16][20] - If MicroStrategy is removed from the MSCI index, it could lead to a direct sell-off pressure of $2.8 billion, with total outflows potentially reaching $8.8 billion if other index providers follow suit [21]