The crypto market's ongoing recovery challenges following the October 10 crash may be linked to a proposal by MSCI, the world's second-largest index provider. On the crash date, MSCI suggested reclassifying Digital Asset Treasury (DAT) companies, like MicroStrategy, as fund-like vehicles rather than operating companies. This reclassification could lead to their exclusion from major equity indexes, potentially causing billions in passive outflows and weakening a significant structural buyer of digital assets. Analysts predict that removing a flagship DAT from MSCI indexes could result in up to $8.8 billion in outflows if other index providers adopt similar measures. The market has struggled to rebound, facing macroeconomic challenges, exhausted buyers, and uncertainty surrounding DATs. MSCI's final decision on the proposal is anticipated on January 15, 2026, which could significantly affect crypto capital flows and market dynamics.