The amount of cryptocurrency venture capital in 2022 was 23 billion US dollars, which decreased to 6 billion US dollars in 2024 and is estimated to be 3 billion US dollars in 2025. 3 billion US dollars is approximately the annual profit of second tier exchanges. Cryptocurrency venture capital firms also need to accelerate liquidation for three reasons 1. I invested too much money in some projects in 2022 but did not receive any returns 2. It's difficult for funds to raise money, and projects are also unlikely to have high valuations 3. AI has attracted a large amount of capital, while cryptocurrency has been neglected. The circulating market value of Movement has dropped from 2.5 billion to 1 billion, with market makers cashing out 38 million US dollars and GPS market makers cashing out 5 million US dollars, resulting in a significant drop in the coin price. From these data, it can be seen that the valuation of projects is actually more about paper wealth, and it is very difficult to cash out. Nowadays, more and more projects are cashing out through OTC coin sales, with prices generally above 50% off, which is similar in total. However, they have gained more time windows, and the time windows for future project cashing out are also accelerating to close. Because the liquidity of the later altcoins will only deteriorate, the cashed out money can also be used for the next project as soon as possible, and there are still many teams that can work on two or three projects in one cycle...