This week, half the internet was discussing Michael Burry’s “warning” about a market crash caused by IPOs from SpaceX, OpenAI, and Anthropic. I went to fact-check — and found that the viral post twisted his words. Burry did compare the current situation to the dot-com era of 2000, but he explicitly said he doesn’t believe these IPOs will mark the top of the bull market.

But that doesn’t make the problem go away. And here’s why.

Over the ten years from 2016 to 2025, the entire U.S. IPO market raised $469 billion. Three companies — SpaceX, OpenAI, and Anthropic — could pull $432 to $576 billion out of the market in a single quarter. A decade’s worth of liquidity, compressed into three deals. Their combined valuation? More than $3.75 trillion.

Where will funds get that money? Exactly — by selling something else. Like Microsoft, whose cloud backlog is heavily tied to OpenAI. Or Nvidia. Or whatever’s sitting in crypto ETFs. Liquidity is not an infinite resource; it’s a blanket that gets pulled from one side to the other.

I lived through 2021 myself, when it felt like there was enough money for everything. Memecoins, NFTs, SPACs, you name it. Then it turned out there wasn’t. When three megalodons start gulping down capital all at once, the small fish feel it first. And altcoins are some of the smallest fish of all.

This doesn’t mean you should panic-sell everything. It means the second half of 2026 is not the time to experiment with obscure tokens. BTC as your base, minimal junk in the portfolio, a clear exit plan. Because when big money leaves the market — it leaves from everywhere.