According to The Kobeissi Letter, Michael Burry has liquidated every stock in his portfolio except for a newly opened position in Estee Lauder (EL), as reported on May 15, 2025 (source: @KobeissiLetter). This decisive move signals heightened caution towards the current equity market, which may prompt risk-off sentiment among institutional traders. For the crypto market, Burry's defensive posture could increase demand for non-equity assets like Bitcoin and Ethereum as investors seek alternatives during periods of stock market uncertainty.