JPMorgan's latest research report states that the key factor determining Bitcoin's short-term trend is not selling pressure from miners, but whether Strategy (MSTR) can maintain its Enterprise Value-to-Bitcoin Holdings Market Value ratio (EV/BTC) above 1 to avoid selling Bitcoin (BTC). Currently, this ratio stands at approximately 1.13. Additionally, Strategy has built a $1.44 billion U.S. dollar reserve, which can cover interest and dividends for the next two years, reducing the risk of being forced to sell Bitcoin.  

If MSCI ultimately does not delist MSTR on January 15, both MSTR and BTC may see a strong recovery; even if delisted, the relevant negative factors have largely been priced into the stock price. JPMorgan still maintains its mid-term target price model, believing that Bitcoin's theoretical valuation is around $170,000.