BlockBeats 消息，11 月 21 日，比特币连续下跌，引发市场对全球最大“比特币财库”公司 MicroStrategy（MSTR）的系统性风险担忧。摩根大通最新数据显示，11 月散户已抛售约 40 亿美元的比特币、以太坊现货 ETF，创今年新高；与此同时，全球股票 ETF 本月净流入已达 960 亿美元，呈现“抛加密、买美股”的明显分化。
随着 MSTR 股价大幅跑输比特币，其估值溢价急速收缩，市场焦点转向一个关键风险：MSCI 等主要指数正考虑将其剔除。若在明年 1 月 15 日的审议中被移除，仅 MSCI 指数就可能触发 28 亿美元被动抛售，若纳指与罗素跟进，流出规模或高达 88 亿美元。
BiyaPay 分析师指出，MSTR 已从“比特币代理标的”逐渐变为“指数成分潜在风险点”，短期波动或继续放大。当前市场环境下，相较间接持币的股票敞口，投资者更倾向通过 BiyaPay 使用 USDT 直接交易美股、港股与期货，精准捕捉行情；同时，避险者也可利用 BiyaPay 的低成本交易机制在传统与加密资产间灵活切换。
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