Early stage crypto investing is dead.

Pre-Seed and Seed rounds used to fund this entire industry. Today the money is all late-stage and M&A.
Everyone midcurving this chart sees the end of crypto VC, but what it actually shows:
1) Early stage crypto is the least competitive it's been since 2019 = much less bidding wars, FOMO rounds or inflated terms
2) The ratio of quality founders to capital chasing them has never been this attractive, hence they're raising at floor valuations
3) Thanks to AI, a 5 person team now ships what used to take 50. Seed dollars have never gone further
4) Capital stopped being the differentiator. What founders actually need is hands-on partners, and barely anyone is left providing that (= Moonrock)
While the rest of the industry is mourning early stage, I see a shopping paradise ahead of us.
We're doubling down.
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