I can't recall exactly when this started happening, but when I start the MegaCD core and leave it on the BIOS screen, it will automatically go to the CD player after approximately 10 seconds and freeze there. This ONLY happens with US and EU model 1 BIOS-- Japanese model 1 and all model 2 BIOS behave normally.
This wasn't always the case. The MegaCD core used to sit at the BIOS animation until you hit START whether a game was loaded or not, like real hardware.