The October 10 market crash was driven by MSCI's review of reclassifying crypto-focused companies as funds, which could lead to their removal from global indices. This potential change sparked significant losses for companies like MicroStrategy, whose stock plummeted 50% due to concerns over index exclusion and passive fund outflows. MSCI's final decision, anticipated on January 15, 2026, may influence other index providers and impact Digital Asset Treasury firms.