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Strategy, Michael Saylor’s Bitcoin-heavy company, just lost over $5 billion in institutional capital as big players like JPMorgan and Vanguard bail amid fears it might get booted from major stock indices. The stock’s tanking 43% this month despite Bitcoin holding steady, thanks to a weird squeeze where Strategy’s the go-to hedge for crypto funds—making it the market’s pressure valve, not just a Bitcoin proxy. Whether this is a coordinated Wall Street move or just legacy finance struggling to fit a Bitcoin treasury into old rules, one thing’s clear: this battle between New Money and Old Money is only getting messier.