I spoke to at least a dozen of investors and VCs this conference who are quietly disengaging.



Most aren’t doing long-term venture anymore.

Many pivoted to liquid strategies, some have even become traders now. Others position as liquidity providers targeting 10–20% annual yield.

A few are stepping away entirely, choosing to build, or to even leave the space.

Less dumb money = fewer opportunistic builders = fewer extractive projects.

Good.
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