Money is made in bull markets. Wealth is made in bear markets. Right now almost nobody has liquid stables and the balls to deploy them. Which is exactly why the people who do are positioned to make the highest returns over the next phase. This entire bull run had plenty of strong projects, but they all shared the same problem: valuation insanity. A $1B valuation for a project that hasn’t even launched became completely normal - PUMP, XPL, MON, MEGA, the whole list. If you heard numbers like this last cycle or during a bear, you’d assume everyone lost their minds. But somehow everything still printed, even at those valuations, simply because demand was ridiculous and every allocation felt no-brainer profitable no matter what the pre-TGE price was. Then the liquidity drain hit. And finally things started to shift. For the first time in a long time, I’m seeing rounds priced at reasonable valuations again. Actual opportunities that can run not 1.5x, but 10x+ if the market flips back on. FUN ( @footballdotfun ) launching on Legion is probably the best set of conditions I’ve seen in months: - a working product - real good revenue pre-tge - pre-TGE valuation at just $60M - 50% TGE - barely any oversubscription If this sale happened 2 months earlier, it would’ve been a 100x oversubbed. And I don’t think fundamentals have changed at all - now sentiment moves price, not the other way around. Which means this might actually be the best moment to participate in ICOs. You stack your entries in the winter if you want to harvest in the spring.(𝗰𝘆𝗰𝗹𝗼𝗽)