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Bitcoin's rebound stalled near $75,000, and the latest CoinMarketCap snapshot showed BTC at $72,981.89 as short-term momentum remained fragile after Wednesday's recovery failed to attract sustained follow-through buying. U.S. spot Bitcoin ETFs posted $299.9 million in Wednesday outflows, extending a five-day streak to roughly $1.44 billion since November 5.

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The November 30 close creates a financing test after MSTR proceeds funded larger preferred repurchases than Bitcoin purchases during November 2–8.

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The sale averaged $2,085 per ETH, compared with $2,691 for an earlier purchase of 5,105 ETH. The loss calculation does not cover the additional 1,427 ETH sold.

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MSCI removes Strategy from its equity indexes on November 30, putting $2.8B in estimated passive fund holdings at risk as Bitcoin treasury stocks face scrutiny.