The market and some thoughts from the perspectives of the East and West As it turns out, this seems to be the longest period of Twi's absence. The reason is simple - as a blogger who never accepts advertisements, writing essentially requires the drive to express, and the market in the past few months has made it difficult to generate this feeling. While the lackluster performance of the secondary market is certainly a significant factor, the impression given by the primary market may be the main reason for this lack of the urge to express.

First of all, the biggest reason for the investment behavior gap between Chinese and Western crypto VCs is the scale and difficulty of fundraising. When a fund is 300 million to 1 billion US dollars in size and has a lifespan of 8+2 or 10+2, the investment rhythm and logic of selecting projects are naturally different.