
Jakarta, Pintu News – Morgan Stanley’s recent application to set up exchange-traded funds (ETFs) for Bitcoin and Solana , which along with MSCI’s decision to keep digital asset companies in its index, has sparked speculation among analysts. Analysts from Bull Theory suggest that this series of events may indicate large-scale market manipulation.
Bull Theory analysts highlighted the chronology of events involving Bitcoin (BTC), from the price crash in October to the recovery that occurred in January. They argue that this pattern resembles a planned scenario, supported by the available data.
On October 10, MSCI, formerly a division of Morgan Stanley, proposed the removal of Digital Asset Treasury Companies (DATCOs) from its global index. This sparked concern in the market and started a prolonged period of uncertainty.
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The consultation period opened until December 31 created a three-month window of time filled with anxiety, hampering investor demand for Bitcoin (BTC). Passive investors became skeptical, index-linked funds faced potential forced sales, and as a result, prices experienced a sharp decline.
Bitcoin (BTC) itself fell by around 31%, and other cryptocurrencies took an even bigger hit, recording the worst quarter for the crypto market since 2018. However, on January 1, 2026, Bitcoin (BTC) experienced an unexpected surge, rising 8% in just five days.

This sudden rise left many analysts perplexed, especially since the unrelenting selling suddenly stopped. Then, on January 5 and 6, Morgan Stanley announced its plans for Bitcoin (BTC), Ethereum , and Solana (SOL) ETFs.
MSCI’s decision not to proceed with the proposed removal of crypto-heavy companies from its index followed the announcement. This series of events raised suspicions about possible coordinated efforts to manipulate market conditions.
Analysts from Bull Theory assert that as the market returns to liquidity, the same entities that may have orchestrated the previous decline are now in a strategic position to benefit from the rebound. At the time of writing, Bitcoin (BTC) is trading at $91,550, a 2% drop from its previous two-month peak of $95,000.
Also Read: The Pattern Repeats? Ripple (XRP) is Ready to Surge Like 2017!
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