Analysts at Bitcoin For Corporations have accused JP Morgan Chase of causing the October 10 crypto market crash, citing a 42-day-old document that preceded the $19 billion liquidation cascade.
Adrian, an analyst at Bitcoin For Corporations, said the Oct 10 crash feels manufactured.
He pointed to a JPMorgan investor note warning that MicroStrategy (now Strategy) risked being dropped from the MSCI USA and Nasdaq 100 indexes, estimating $2.8 billion in outflows for the largest Bitcoin corporate holder.
“This document has been public for 42 days. The market ignored it for 6 weeks.”
“Now suddenly, after several red days in November, JP Morgan dug it up to FUD fears of ‘de-listing risk’? They recycled an expired story to accelerate a sell-off,” Adrian said.
Timeline Exposes JP Morgan Coordinated Attack on Bitcoin Treasury Companies
Adrian alleged that the timed release of the document by MSCI (Morgan Stanley Capital International) was an attack on $MSTR and digital asset treasury companies.
“They want you to think this delisting decision is organic. The timeline proves it is discriminatory theater.“
Adrian’s timeline analysis traces four critical moments between May and October.
It began on May 14 when Jim Chanos announced his “Long $BTC, Short $MSTR” trade, which Adrian called a blatant attempt to sway market sentiment.
Two months later, on July 7, JP Morgan implemented a firmwide margin hike on $MSTR trading from 50% to 95%, a move Adrian described as choking off leverage to force liquidations and manufacture selling pressure.
The situation escalated on September 12 when Metaplanet announced a capital raise, prompting what Adrian claims was an MSCI panic over companies adopting the Saylor Playbook at scale.
The timeline culminated on October 10 when MSCI announced an extension of its consultation, exactly 16 minutes before President Trump’s tariff announcement at 4:50 PM EDT triggered the crypto flash crash.
“No way this is just a coincidence. They used the macro panic as a smokescreen to bury the announcement.“
Fear Was Amplified To Cause the Oct 10 Crypto Crash
Crypto commentator Mario Nawfal has also accused JPMorgan of amplifying fear with a bearish note as BTC and MSTR weakened, calling it “classic Wall Street timing.”
He concluded that “the Oct 10 crash wasn’t a fundamental breakdown. It was a technical panic created by unexpected index risk in a stressed market.“
Investment banker Simon Dixon accused JPMorgan of using “vassalization tactics” to control Saylor’s Strategy.
He said Saylor was owned by Wall Street the moment he accepted corporate debt, and that banks are manipulating Bitcoin’s price while Saylor centralizes Bitcoin in a Wall Street wrapper.
Dixon also criticized Saylor for encouraging people to borrow against Bitcoin, enabling centralization through liquidations.
Saylor Response And the Future of Bitcoin and MSTR
Saylor has now responded to the claims, saying MicroStrategy is an operating company with software revenue and BTC-backed credit products, not a fund.
In a post titled “Response to MSCI Index Matter,” he said MSCI classification doesn’t define the company.
“Our strategy is long-term, our conviction in Bitcoin is unwavering, and our mission remains unchanged.“
MSCI’s final decision comes on January 15, 2026, and analysts remain of the opinion that the JP Morgan alarm has coincided with MSTR’s poor performance.
In Q3, JP Morgan, BlackRock, and Vanguard sold over $5 billion in $MSTR shares.
JP Morgan alone dumped 25% of its holdings before the MSCI decision.
Source: X/ Green Candle InvestmentBTC is now 12% lower than at the start of 2,025, and MSTR shares have plunged 56% month-to-month and 41% in the past month alone.
Given Strategy’s stock lives and dies by Bitcoin’s performance, Cryptonews analysts said that it could have severe consequences ahead.
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