From the perspective of primary market financing, I do feel a bit envious of those internet funds. They capitalized on the boom of PC internet, rode the wave of mobile internet, and are now benefiting from the growth of AI. Each time, they are in long-cycle, high-quality tracks.

Venture capital in the crypto circle is different. The industry updates and iterates too quickly. After a round of financing boom, it’s easy to be beaten to a pulp. Risks are concentrated, cycles are short, and the resilience requirements are much higher.
The environment for investment is fundamentally in a different league.