Wow — the legendary investor who predicted the mortgage market crash back in 2008 is back out of the shadows. Michael Burry, remember his film about betting against the market? He’s just posted one message, and the market has already started to get nervous.

The message is simple, but it’s packed with meaning: sometimes you see bubbles, sometimes you need to do something about them, and sometimes you just don’t play. Sounds like a hint, doesn’t it? Especially if you consider that his fund has already started actively closing positions and opening shorts on major stocks.

The context is intriguing. The IT sector is surging higher; Nvidia has reached an astonishing market capitalization of several trillion, and everyone says that’s fair. But Michael Burry sees signs of a new bubble — similar to the dot-coms from twenty years ago. His portfolio has literally turned against this trend.

I think there’s plenty to think about here. Keynes once said that markets can stay irrational longer than you can remain solvent. And that’s true—bubbles burst, but only when everyone is convinced that this time it’s different.

I’m looking at current prices: ETH is trading at $2.30K with a 2.17% increase, BNB is holding around $620.60 (+0.94%), and XRP has risen to $1.39 (+2.19%). There’s growth, and it looks healthy. But the question remains: are we already at the peak of euphoria, or are we only just entering it?

Michael Burry clearly believes it’s worth being more cautious. And when someone who predicted 2008 starts opening shorts, it’s at least worth listening.