JP Morgan analysts have issued a warning regarding MicroStrategy (MSTR), suggesting the company could face approximately $2.8 billion in capital outflows if it is excluded from major benchmarks such as the MSCI and Nasdaq 100 indices. This potential exclusion stems from concerns about the company's valuation and its friction with traditional financial benchmark criteria. The report suggests that such exclusion would trigger significant passive selling pressure. This possibility has contributed to a wave of "FUD" (Fear, Uncertainty, and Doubt) surrounding the stock, which often trades as a leveraged proxy for Bitcoin. Market participants are expressing anxiety that an index exit could force a repricing of the shares independent of Bitcoin's price movements. Michael Saylor has previously dismissed similar warnings as "alarmist," arguing that the market has already priced in the exclusion risk and that the company's strategy remains sound despite the criteria of traditional indices. [Update 1] New reports reinforce the anxiety around the $2.8 billion outflow figure, emphasizing the risk of passive selling pressure if the MSCI exclusion occurs. Traders are closely monitoring index composition updates as MSTR liquidity could be impacted.