[Wintermute Ventures: Market Sentiment Turns Cautious After Hong Kong Consensus] The Wintermute Ventures team released an observation report after attending the Hong Kong Consensus, noting that market sentiment has turned cautious, with phenomena such as narrative fatigue, token identity crises, and capital rotation into AI stocks becoming apparent. The report mentions that fundraising thresholds for founders have risen, and investors are placing greater emphasis on genuine traction. Token issuance faces challenges related to value accumulation and incentive alignment. Market opportunities are concentrated on businesses with revenue and licenses. The Latin American region is considered attractive due to product-market fit and regulatory advancements. Despite weakening sentiment, investors remain hopeful about the crypto industry, and founders are advised to focus on genuine user acquisition and distribution. Wintermute Ventures expressed optimism about the long-term development of the industry.