We derive supersymmetric quantum mechanics of n BPS objects with 3n position degrees of freedom and 4n fermionic partners with SO(4) R-symmetry. The potential terms, essential and sufficient for the index problem for nonthreshold BPS states, are universal, and 2(n − 1) dimensional classical moduli spaces M n emerge from zero locus of the potential energy. We emphasize that there is no natural reduction of the quantum mechanics to M n , contrary to the conventional wisdom. Nevertheless, via an index-preserving deformation that breaks supersymmetry partially, we derive a Dirac index on M n as the fundamental state counting quantity. This rigorously fills a missing link in the "Coulomb phase" wall-crossing formula in literature. We then impose Bose/Fermi statistics of identical centers, and derive the general wall-crossing formula, applicable to both BPS black holes and BPS dyons. Also explained dynamically is how the rational invariant ∼ Ω(β)/p 2 , appearing repeatedly in wall-crossing formulae, can be understood as the universal multiplicative factor due to p identical, coincident, yet unbound, BPS particles of charge β. Along the way, we also clarify relationships between field theory state countings and quantum mechanical indices. 1 hykim@phya.snu.ac.kr 2 jaemo@postech.ac.kr 3 zlwang@kias.re.kr 4 piljin@kias.re.kr #1 These development were, however, restricted to weakly coupled theories, even though it generalized greatly the previous decades of monopole/dyon studies in the fully supersymmetric setting of N = 2 and N = 4 Yang-Mills theories. Much of these findings, and their relation to the more conventional monopole dynamics from 1980's and 1990's, was summarized in a review article [12]. #4 This same numerical factor 1/p 2 had appeared before in the context of the D-brane bound state problems of 1990's [26, 27], where identical nature of the D-branes were also of some importance.