You're looking at market cap when you should be looking at volume. 5% of the stock market going liquid at a higher than ambient rate can reduce valuations by si

You're looking at market cap when you should be looking at volume. 5% of the stock market going liquid at a higher than ambient rate can reduce valuations by significantly more than 5%, possibly multiples more. And as we saw with interest rate hikes and bonds the past couple of years, something like that is a systemic risk and the fallout can easily cascade.