Why is this cycle so hard and why are people feeling so miserable? You can blame it all on one simple fact: it’s already hard for retail investors to make money in the current market structure.

Why are retail investors having a hard time this cycle? The answer is simple: in crypto markets, “deals” like infrastructure tokens are no longer seeing 500x growth. Meme coins are hyped by money.

We are repeating what happened in the VC/IPO markets. In these markets, companies stayed private longer, which meant more of the upside was “private” (e.g. VC funds) and out of reach for retail investors.

Crypto has been turning this around, making asymmetric upside more accessible to the public. But now things have changed! L1 and L2 projects are raising much more money from VCs! Without public token sales, VCs are making a lot of money and retail investors are suffering. Perhaps it’s not surprising that retail investors’ dreams are shattered in this cycle.

A big reason companies are staying private longer is that VC funds are now 5x larger than they were 10 years ago. Companies can now raise over $1 billion in private markets while avoiding the associated expenses of public markets. The same trend is happening in the crypto VC space - crypto VC funds are much larger than they were five years ago.

Ethereum was priced at 30 cents at the time of its ICO in 2014, and today it's priced at $3,000. That's a 10,000x return in 10 years, easily beating any venture capital investment during that time. It's really great that anyone in the world can participate!

#以太坊ETF批准预期 #MemeWatch2024 #芝商所拟推出比特币现货交易

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