# Сопутствующие статьи по теме VC

Новостной центр HTX предлагает последние статьи и углубленный анализ по "VC", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Manipulating the Future with Media: What Exactly Is a16z Up To?

a16z is fundamentally transforming from a top Silicon Valley VC into a coordinated engine shaping technology, politics, and reality. It has built a sophisticated media machine, led by figures like Alex Danco and Erik Torenberg, offering "timeline takeover as a service" to dominate online narratives for its portfolio companies. This includes an in-house content team, a New Media Fellowship program, and strategic investments in platforms like Twitter. a16z also co-led a $300M investment in prediction market platform Kalshi, viewing such markets as fundamental to organizing attention and capital. The firm actively engages in political coordination, with executives making significant donations, organizing encrypted WhatsApp groups to influence discourse, and attempting to place allies in regulatory roles. Positioning itself as a "legitimacy bank," a16z aims to make certain futures appear inevitable by controlling the infrastructure of belief—blending media, markets, talent pipelines, and political influence into a powerful, multi-faceted machine.

深潮12/25 08:09

Manipulating the Future with Media: What Exactly Is a16z Up To?

深潮12/25 08:09

Bitcoin's 'Never-Setting Sun' and Altcoins' 'Twilight of the Gods': Has the Four-Year Cycle Really Ended?

The crypto market in 2025 is experiencing an unprecedented divergence: Bitcoin (BTC) reached new highs of $125,000 driven by institutional inflows via ETFs, while Ethereum (ETH) struggled around $2,800, and most altcoins fell 80-95% from their 2021 peaks. The traditional four-year cycle—where BTC leads, ETH follows, and altcoins surge—has broken down. This "great divergence" is fueled by institutionalization. BTC has become a "digital tech stock," correlated with Nasdaq, as traditional asset managers like BlackRock channel hundreds of billions solely into Bitcoin, creating a "one-way siphon" that leaves altcoins behind. ETH faces a "midlife crisis" due to Layer 2 solutions diverting value away from the mainnet and a lack of compelling new narratives. Altcoins are in a "liquidity black hole," plagued by high FDV/low float VC tokens, meme coin fatigue, and collapsing exchange liquidity. Major 2026 forecasts from Grayscale and CoinShares predict this structural shift is permanent. They expect BTC dominance to rise further, with BTC potentially reaching $150,000, while ETH undergoes a painful transformation. Most altcoins will be wiped out in a "Darwinian cleansing," with only projects offering real utility, sustainable revenue, and a clear regulatory path surviving. The four-year cycle isn't dead but has transformed. Future cycles may be "lame bull markets" where BTC rallies alone or with minimal spillover, signaling a permanent shift from a speculative, retail-driven market to an institutionalized, utility-focused one.

marsbit12/25 00:21

Bitcoin's 'Never-Setting Sun' and Altcoins' 'Twilight of the Gods': Has the Four-Year Cycle Really Ended?

marsbit12/25 00:21

Crypto downturn reveals gap between VC valuations and market cap

The crypto market downturn has exposed a significant gap between venture capital valuations and actual market capitalizations for numerous blockchain startups. Data from CryptoRank reveals that projects once valued near $1 billion, such as Humanity Protocol ($285M market cap), Fuel Network ($11M), and Bubblemaps ($6M), have seen drastic devaluations. This trend reflects how aggressive VC pricing during bull markets often leads to severe corrections when sentiment fades. The reset affects even lower-valued projects, with examples like Camp Network and Treehouse now trading at just $15M and $16M despite previous $400M valuations. The report advises investors to maintain caution and assess risks carefully. Meanwhile, crypto VC funding remains weak, with only 57 disclosed rounds in November, despite a few large raises like Revolut's $1 billion round.

cointelegraph12/24 10:17

Crypto downturn reveals gap between VC valuations and market cap

cointelegraph12/24 10:17

VCs Review 2025 Crypto Investments: Narrative is Dead, Computing Power is King

Venture capital reflects on 2025 crypto investments, declaring "narratives are dead, compute is king." Despite growth in on-chain financial tools and a favorable U.S. regulatory environment, long-term crypto investors faced a difficult year due to structural market issues, including token unlock mechanisms and speculative behavior. Public market winners were owners of physical and financial bottlenecks: power, semiconductors, and scarce compute (e.g., IREN, NVIDIA). AI value accrued to infrastructure and essential services, not speculative narratives. Tokenized networks underperformed as usage failed to translate to value capture. Key lessons: AI value is realized in infrastructure, neutrality is a key economic asset, and token networks face recurring structural challenges. For 2026, the focus shifts to machine transaction surfaces, budget-backed applied infrastructure, and high-conviction asymmetric bets. The market is transitioning from discovery to exit phases, with a temporary shift toward equity investments over tokens.

marsbit12/24 03:16

VCs Review 2025 Crypto Investments: Narrative is Dead, Computing Power is King

marsbit12/24 03:16

VC Retrospective 2025: Compute is King, Narrative is Dead

Venture Capital Review 2025: Compute is King, Narrative is Dead The article reflects on the challenging yet transformative year of 2025 for crypto and AI investments. While on-chain financial tools and the machine economy saw significant growth, long-term crypto investors faced a difficult market structure plagued by a "negative prisoner's dilemma," premature token unlocks, and a major market failure in October that triggered industry-wide deleveraging. Despite these setbacks, the value creation in crypto and AI over the past decade has been immense, far outpacing other regions and sectors. The "Magnificent 7" tech giants and crypto assets collectively added trillions in market cap. The key lesson from 2025 is that value accrued to the narratives but to the owners of physical and financial bottlenecks: power, semiconductors, and scarce compute. Public market winners were companies like NVIDIA, TSMC, IREN, and Bloom Energy. In software, value flowed to embedded, "must-have" platforms (e.g., Alphabet, Meta) rather than optional tools. In private markets, foundational AI companies grew rapidly but faced fragility, while value-controlling companies (e.g., Applied Intuition, Anduril) were better positioned. Tokenized networks were the weakest performers, as usage failed to translate into token value capture. The core takeaway is that the market rewarded ownership of choke points and punished projects lacking control over cash flow or compute. For 2026, the investment focus shifts downstream to: (1) machine transaction surfaces (payments, billing, compliance), (2) applied infrastructure with existing budgets, and (3) high-conviction, non-consensus opportunities. The allocation will temporarily favor equity over tokens until market structure issues are resolved. The author concludes that a major shakeout is coming, but it also presents significant opportunity. The need to move beyond collective illusions and focus on real, budget-backed economic activity is paramount.

比推12/23 23:11

VC Retrospective 2025: Compute is King, Narrative is Dead

比推12/23 23:11

Over 80% of New Tokens Peak at TGE, The Root Cause and Cure for Web3's False Prosperity Lies Here

More than 80% of new tokens in 2025 have seen their Fully Diluted Valuation (FDV) fall below their initial TGE valuation, with a median decline of 71%. Only 15% of tokens performed better post-TGE. This trend indicates that for most projects, the token generation event (TGE) represents their peak valuation. Statistical analysis of 113 token launches reveals that common success metrics—such as high fundraising amounts, large social media followings, and listings on major exchanges—have little to no statistical correlation with token performance. Projects raising more capital (e.g., over $10 million) did not perform better than those raising less (e.g., $300k–$500k). In fact, lower-funded projects often delivered higher returns per dollar raised. Social community size proved irrelevant; most "communities" are speculative and disappear when token prices fall. Token pricing also matters: tokens priced between $0.01–$0.05 at launch had the highest survival rate, while those priced outside this range generally failed. AI-related tokens outperformed others in both peak and current returns, while Gaming and DeFi sectors struggled significantly. Launch platforms (IDOs/IEOs) did not ensure success—most tokens on these platforms fell 70–93% post-launch. The root issue is a market that prioritizes hype over substance, narrative over data, and promises over products. To survive in 2026, projects should focus on lean fundraising, realistic token pricing, product-market fit, and tangible metrics like user retention and revenue—rather than vanity metrics. The old playbook is broken; a new, pragmatic approach is essential.

Odaily星球日报12/23 09:55

Over 80% of New Tokens Peak at TGE: The Root Cause and Cure for Web3's False Prosperity

Nearly 85% of tokens launched in 2025 have seen their fully diluted valuation (FDV) fall below their initial TGE valuation, with a median decline of 71%. Only 15% of new tokens outperformed their TGE price. This trend reveals systemic issues in the Web3 space, where high fundraising, large communities, and major exchange listings—often considered markers of quality—show no statistical correlation with token performance. Key findings include: - Projects raising $1 million performed similarly to those raising $10 million. Excessive funding often leads to faster token failure due to investor unlocks and market pressure. - Community size (e.g., 50k vs. 500k followers) has no predictive value for token success. Most "communities" are speculative and disappear when prices drop. - Token pricing is critical: tokens priced between $0.01–$0.05 at launch showed the best survival rates, while those outside this range often failed. - AI tokens outperformed others in both peak and sustainability, while Gaming and DeFi sectors struggled severely. - IDO/IEO platforms provided no reliable protection; most launches resulted in significant losses. The root causes include flawed tokenomics, over-reliance on speculative metrics, poor timing, and a market that prioritizes narrative over substance. The article urges builders in 2026 to focus on sustainable fundraising, realistic token pricing, product-market fit, and genuine metrics like user retention and revenue—rather than vanity indicators. The old playbook is broken; adaptation and integration are essential for survival.

marsbit12/23 03:07

Over 80% of New Tokens Peak at TGE: The Root Cause and Cure for Web3's False Prosperity

marsbit12/23 03:07

Pantera Partner: The Return of Professionalism and Rationality in Crypto VC, Where Is the Next Investment Hotspot?

Pantera Capital partners Paul Veradittakit and Franklin Bi discuss the current state and future trends of crypto venture capital. Despite a record $34 billion in total funding this year, deal volume has halved compared to 2021-2022, signaling a market shift toward professional, institutional capital focused on later-stage projects with rigorous due diligence. They attribute the previous "metaverse" and "altcoin" speculation frenzy to low interest rates and excess liquidity, which funded many unsustainable projects. The market is now rationalizing. Key developments include a clearer exit path via IPOs (e.g., Circle) and the emergence of Digital Asset Treasuries (DATs), which are actively managed vehicles for yield generation. DAT competition will hinge on execution and asset growth. Future investment themes include: - **Tokenization**: A multi-decade trend enabling programmable assets and new financial products, with stablecoins as a killer app. - **ZK-TLS (Zero-Knowledge TLS)**: Crucial for verifying off-chain data authenticity without exposing raw data, enabling new applications. - **Consumer/Prediction Markets**: Platforms like Polymarket offer democratized information discovery and entertainment. In a "bull or bear" segment: - **Stocks**: Divergent views on Robinhood (bullish for integration) vs. Coinbase (bullish for global institutional expansion). - **Payment Chains**: Skepticism about user lock-in vs. potential for optimized chains. - **Privacy**: Debate on whether it's a feature (bearish) or a investable vertical (bullish for enterprise solutions). Additional insights: - Token lockups should align investors and founders to ensure long-term commitment. - The "L1 war" isn't over; value capture mechanisms and user activity will determine winners.

marsbit12/19 07:39

Pantera Partner: The Return of Professionalism and Rationality in Crypto VC, Where Is the Next Investment Hotspot?

marsbit12/19 07:39

Has the Era of Easy Money for Crypto VCs Come to an End?

The era of easy profits for crypto VCs appears to be over, marked by a necessary market correction and a shift toward more sustainable investment practices. The recent collapse of Shima Capital, following SEC charges against its founder for fraudulent fundraising and mismanagement, symbolizes a broader industry-wide reckoning. Once-revered VCs are now facing scrutiny as inflated valuations, poor returns, and failed exit strategies expose systemic flaws. Market dynamics have shifted significantly: liquidity has dried up,散户 investors have retreated, and many VC portfolios are underwater. Data shows only 2% of altcoins are currently profitable, underscoring the severity of the downturn. VCs are adapting by focusing on later-stage investments, prioritizing projects with real traction and data over speculative narratives. Funding is increasingly concentrated in infrastructure—such as payment rails and privacy tools—rather than premature application-layer projects like NFTs or metaverse platforms. This period of "creative destruction" is pushing the industry toward maturity. VCs are becoming more disciplined, seeking genuine value and long-term viability rather than quick returns. While the transition is painful, it may ultimately lead to a healthier, more transparent, and more resilient crypto ecosystem.

比推12/18 15:45

Has the Era of Easy Money for Crypto VCs Come to an End?

比推12/18 15:45

Farewell to Building Castles: The Transformation Moment for Crypto VCs

The crypto VC industry is undergoing a painful but necessary transformation, marked by the collapse of once-prominent firms like Shima Capital. Its founder, Yida Gao, faced SEC charges for fraudulent fundraising and misrepresentation, leading to the fund’s shutdown. This signals a broader shift toward accountability and transparency in the sector. The era of easy profits through speculative investments and “pump-and-dump” models is ending. With declining liquidity and retail participation, many VCs face prolonged losses and difficult exits. Data shows only 2% of altcoins are in profit, highlighting severe market strain. Investors now prioritize projects with real traction and data, not just narratives. VC strategies are evolving: funding is becoming more concentrated, with larger sums flowing into fewer, later-stage deals. There’s also a growing focus on infrastructure—such as payment rails and privacy tools—rather than premature application-layer projects. Some crypto-native funds are even diversifying into AI, biotech, and other non-crypto sectors. This period of recalibration, though challenging, is pushing the industry toward sustainable growth. By building stronger foundations, the market may eventually support more resilient and valuable applications in the next cycle.

marsbit12/18 12:07

Farewell to Building Castles: The Transformation Moment for Crypto VCs