LongHash Ventures Partner: funds and direct investments are drying up, the whole market is bullish this Q4 and next Q1

On September 26th, LongHash Ventures partner emmacui.eth posted his thoughts on Token2049 and Solana Breakpoint at X. The main points are as follows: 1. Funds and direct investment capital are drying up. Western general partners (GPs) are flocking to Asia to raise capital. Those unable to raise their next fund are looking to change investment mandates to recoup capital. Funds are lowering their fundraising targets. return on allocated capital (DPI) for 2021 and later years is abysmal, while multiples of investments (MOIC) are difficult to compare. 2. infrared fatigue is real. more than 700 side events, most of which are infrastructure projects. Everyone is trying to figure out a granular narrative to differentiate themselves from other infrastructure projects in the same category. 3. the Solana Breakpoint was refreshing. The event was filled with developers rather than BD people. 4. 4Q24 and the first quarter of next year are bullish across the board. The main catalysts are interest rate cuts and the US presidential election. We have already seen price action after Token2049. 5. Reputation matters. As cryptocurrencies mature, their surface area becomes larger. There are more ways for investors/projects to DD specific founders/projects/investors. Starting to see people typically put more effort into DD before investing/hiring/joining a project. This is a sign of maturity.