Strategy removed from MSCI

I saw a ticker yesterday that Microstrategy was removed from the MSCI index. Could that be another reason for this crash? I mean issuing debt to buy more btc i feel was maybe not sustainable. The removal is the first major enforcement under MSCI's finalized framework targeting "non-operating" companies firms whose primary value derives from holding assets rather than running an active operational business

Non-operating rules: Under the rules, companies failing to meet operating asset thresholds must pass five specific financial ratios apparently Strategy failed enough criteria to be flagged and went straight to the deletion list rather than a warning buffer.

Additionally, funds tracking MSCI benchmarks will be required to sell their MSTR holdings ahead of the November 30 effective date. Estimates vary, with past projections for similar index exclusions pointing to billions in potential passive outflows.