This fits a 2024-2025 pattern of EM index-integrity stress (Turkey, Nigeria precedents) where MSCI/FTSE reclassification warnings trigger outsized, correlated drawdowns. With the Fear & Greed at 55 (Greed) and BTC dominance elevated, capital rotating out of riskier EM assets is likely to seek USD, gold, and large-cap crypto as a liquidity hedge — not altcoins.

Indonesian stocks

Indonesian bonds

Indonesian rupiah

Indonesian markets extended a selloff, with stocks deepening their worst rout in almost 30 years and losses spreading to bonds and the rupiah after MSCI warned of a possible two-step downgrade.