Another indicator that suggests the best is yet to come is the amount of money funds are investing in new crypto projects.

In the first rectangle on the left, I highlighted the fundraising dynamics at the same point in the market cycle as where we are now. The indicators are not very high, and that makes sense - let me explain why.

Funds invested the most during the active phase of the bull run, after the halving - specifically during the capital inflow into altcoins. This happens because the deal cycle in such a market phase is very short. That is, the time from a fund's investment to the project's listing on an exchange is the shortest. Practically all projects strive to enter the market during the "altseason" capital inflow phase, as this is the most favorable time for listing.

No point in flooding the market with funds when there's no one to cash out against 🤣🫶