What baffles me this cycle is the extremely low fundraising amount from VCs.

BTC blown past its 2021 ATH, yet fundraising amounts are even below the 2018 bull run levels.

It's not just amounts invested, but also the deal count numbers.

We're at pre-2020 cycle levels.

Why?

It's ironic that we're tired of low-float, high FDV tokens from VCs, yet the VC sector doesn't seem to be thriving.

Valuations did go up since 2018 by at least 4x, averaging $25M. They are still lower than in 2021.

It's also true, that VCs invest at much lower valuations compared to the fully diluted valuations at the time of MOST public listings.

Most notable protocols this cycle list at hundreds of millions or even billions in FDV.

Still, not all deals end up profitable. Which could partly explain why fundraising numbers are so low right now.

For example, $SCR's valuation at the last round was $1.8B, now trading at $624M.

Feel free to share Scroll's Seed valuation, if you know.

If you are a VC or have insight WTH is happening, let me know.

Are they simply late and will FOMO in at the new BTC ATH again?

That wouldn't sound like smart money.

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