Fundstrat's head of digital asset strategy, Sean Farrell, remains constructive on Bitcoin heading into year-end. In an interview with Bitcoin Magazine, Farrell said he does not expect the asset to set new all-time highs this year, but sees a move toward six figures as possible before the year closes. The interview weaves together several threads — index eligibility for Bitcoin treasury companies, preferred-share mechanics and macro conditions — into a single year-end read.

According to Farrell, volatility in the bond market is spilling into equities, leaving the near-term outlook murky even as the broader regime shift continues to favor Bitcoin. That distinction — near-term noise versus a longer structural backdrop — frames the rest of his commentary.

A central topic of the discussion was MSCI's decision on excluding Bitcoin treasury companies from its indexes. Farrell said he expects the exclusion to proceed but sees limited impact for Strategy (MSTR), arguing that the downside is already priced in. The stakes reach beyond a single ticker: passive funds that track major benchmarks hold their constituents automatically, so index classification decisions can reshape a company's ownership base even when nothing about its operations changes. He also weighed whether the question of exclusion versus inclusion represents a potential upside catalyst or a “nothing burger,” and discussed what could spark upside from here. A further segment examined how MSCI's exclusion could affect STRC's return to par.

Farrell also addressed Strategy's $1.5 billion STRC buyback and the daily dividend vote, and offered his read on the day's selloff and reversal in Bitcoin treasury stocks. Both items bear on the same mechanics — STRC's daily dividend and its par value — that underpin the instrument's path back to par.

On the macro picture, Farrell described the current regime as “heads I win, tails you lose” for Bitcoin, pointing to treasury buying, financial repression and rising liquidity as supporting forces. For readers parsing the shorthand, financial repression refers to environments in which savers' returns lag inflation — a backdrop often cited in arguments for scarce alternative assets.

In the interview's closing segment, Farrell laid out his year-end outlook: Bitcoin trading between $95,000 and $100,000. Measured against his own framing, the markers to watch between now and then are whether MSCI's exclusion proceeds as he expects, how STRC behaves around par, and whether bond-market volatility keeps spilling into equities.

The views and opinions expressed in the interview are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing in the discussion constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments, and viewers should consult their own advisors before making financial or business decisions.

This article, written by Patrick Green, first appeared on Bitcoin Magazine.