Brother Cat just chatted with a friend who entered the crypto space back in 2017. His current cryptocurrency company is barely hanging on — the money in the accounts is almost burned through, and fundraising is completely off the table.

He said, just like the news reports, crypto VCs nowadays have either already collapsed or shifted to investing in AI. No one is willing to continue putting money into crypto.
Their only hope now is for Bitcoin to have another surge before their cash flow runs out. That way, at least they can sell the company, even if it's only for 5% of its 2021 valuation.
Even more lamentable:
The founding team of this company once held tens of thousands of Bitcoins — true OGs. But to keep the company running, they've already sold two-thirds of them over the past few years.
Perhaps this explains who is actually selling Bitcoin. Perhaps this is the answer: many crypto OGs can't hold on and are forced to sell.
This cycle is already one where there is only a Bitcoin bull run, but no altcoin season, and it will remain that way in the future. Those projects with no real value that survive on fundraising will go to zero one by one.
And to survive, they can only keep selling their only liquid asset — Bitcoin.
To some extent, this has suppressed Bitcoin's price performance, but perhaps the selling pressure is nearing its end because they are almost out of coins to sell.
Who is buying these Bitcoins? There are publicly listed companies like MicroStrategy, represented by Saylor, and ETFs like BlackRock. Do you know who else is buying?