JPMorgan's latest report suggests that Bitcoin's short-term trajectory hinges more on MicroStrategy's ability to maintain its enterprise value to Bitcoin holdings ratio (EV/BTC) above 1, rather than miner sell pressure. Currently, this ratio stands at approximately 1.13. MicroStrategy has established a $1.44 billion reserve to cover two years of interest and dividends, reducing the risk of forced Bitcoin sales. If MSCI does not remove MicroStrategy by January 15, both MicroStrategy and Bitcoin could see a strong recovery. Even if removed, the negative impact is largely priced in. JPMorgan maintains its mid-term price model, estimating Bitcoin's theoretical value at $170,000.