CryptoQuant CEO Ki Young Ju reports that analysts remain broadly bullish on MicroStrategy (MSTR), with Citigroup, Barclays, and B. Riley setting price targets of $240, $175, and $195 respectively. Ju asserts that the market has already priced in the impact of MSCI's decision to exclude bitcoin treasury companies from global indexes, a move that could trigger $2.8 billion in outflows for Strategy. Instead of focusing solely on index flows, Ju highlights three critical indicators for monitoring MSTR: an mNAV hovering around 1.0x, preferred stock STRC holding at par value, and a $3.75 billion dividend reserve. These metrics are presented as more relevant gauges of the company's current financial health than potential passive fund adjustments.