The largest pension fund in the United States, the California Public Employees' Retirement System (CalPERS), has suffered significant losses due to its investment in MicroStrategy (MSTR). The 448,000 shares of MSTR purchased for $144 million in the third quarter now have a market capitalization of only about $80 million, resulting in unrealized losses of 45%. More critically, JPMorgan has warned that MSTR may be removed from the MSCI USA Index and the Nasdaq 100 Index, with the removal from MSCI potentially triggering a $2.8 billion passive fund dumping. This case exposes the potential risks of institutions indirectly investing in Bitcoin through equity proxy tools and serves as a wake-up call for TradFi's involvement in the crypto market.

The Crypto Assets market is showing a murky trend amid Fluctuation, with Bitcoin remaining in a Sideways position around the 130 million Korean won mark, as investor sentiment is strongly cautious. The current trading price of Bitcoin (BTC) is 133,590,000 KRW, up 0.07% from the previous day. Among major competitive coins, Solana (SOL) is performing strongly in the 204,000 KRW range, while Ethereum (ETH) is quoted at 4,400,000 KRW (-0.83%) and Ripple (XRP) at 3,203 KRW (-1.12%), showing a divergent trend. Market experts point out that the recent sensitivity of Bitcoin prices to external factors such as macroeconomic indicators and Federal Reserve monetary policy has surpassed that of internal issues related to Crypto Assets. The chief analyst of Cryptoquant stated: "Global macro factors such as the Federal Reserve's interest rate hike direction and inflation indicators are dominating Bitcoin's price trend." The flow of ETF funds also affects market prices. According to reports, the US Bitcoin spot E