The primary market for crypto is so cold right now that a team recently approached us for funding, saying they only wanted us to invest $36,000. This was the result of strict cost calculations. The industry is becoming more pragmatic, which is actually a good signal. Historically, the truly profitable and successful projects didn’t raise much money and dared to start when no one was paying attention. $BTC never raised funds, $ETH raised less than $20M back in the day, and Binance raised $15M. Meanwhile, projects with massive fundraising in recent years have an extremely low probability of delivering substantial returns to investors in the long run. Even SpaceX isn’t immune to this. Although I really like Elon Musk and hope he achieves his vision of reaching the stars and beyond. Alibaba was once the biggest IPO, and while its business has grown over tenfold in the past decade, its market cap has fallen back to its IPO level. Long-term shareholders have essentially just been along for the ride.