The VC in the crypto space should be quite difficult, but their difficulties are being passed on to each of us.

VCs actually contribute a lot; projects that appear to have a high FDV have their unlocks far in the future, and don’t think they are glamorous; they are also a vulnerable group. Many project parties delay or reduce unlocks when prices rise, and many go dark when prices fall.

Moreover, many of the top VCs in Europe and America invest in infrastructure projects, unlike HYPE and others that have cash flow, but that doesn’t mean these actions are meaningless. Whether it's public chains, re-staking, or various hardcore technologies, it certainly feels useless now, but we can’t say that the passionate VCs back then were foolish—when ETH first came out, Vitalik was the head of CX; the Bitcoin community disparaged ETH to no end.

However, those infrastructure projects that didn’t take off, when the project parties and market makers have some ways to cash out, the VCs mostly find that their unlocks are already worth very little.

There’s a joke: at the end of the year, each VC counts their accounts; if it’s a loss of 80%, then the performance might be among the industry’s top, because everyone else is losing 95%.