8 月 10 日，Cinneamhain Ventures 合伙人 Adam Cochran 在社交媒体上发文表示，风险投资公司对加密货币的投资速度大幅放缓，其中有一个微妙的原因。大多数风险投资公司都有有限合伙人 (LP)，而 LP 主要对超越指数基金的回报感兴趣。但从中期来看，仅仅是持有比特币和以太坊的风险回报率就已经可以「轻松击败」指数基金。
这使得风险投资者可以对比特币和以太坊保持观望态度，等待更安全、更有利可图的机会，而不是像在其他行业那样在初创企业上承担那么多早期风险。因为其他市场中并不存在 BTC 或 ETH 那样提供持币收益的资产。
Adam Cochran 表示，在上一个加密周期（2020 年至 2024 年）期间，风险投资公司「似乎很活跃」，希望通过投资「已经爆发」的应用程序与参与者一起暴富。但目前已知的几种叙事（NFTS、AMM 分叉、defi、L2s）都已经走到末路，而下一步该怎么走目前还不太清楚。

<div><p>8 月 10 日，Cinneamhain Ventures 合伙人 Adam Cochran 在社交媒体上发文表示，风险投资公司对加密货币的投资速度大幅放缓，其中有一个微妙的原因。大多数风险投资公司都有有限合伙人 (LP)，而 LP 主要对超越指数基金的回报感兴趣。但从中期来看，仅仅是持有比特币和以太坊的风险回报率就已经可以「轻松击败」指数基金。</p><p>这使得风险投资者可以对比特币和以太坊保持观望态度，等待更安全、更有利可图的机会，而不是像在其他行业那样在初创企业上承担那么多早期风险。因为其他市场中并不存在 BTC 或 ETH 那样提供持币收益的资产。</p><p>Adam Cochran 表示，在上一个加密周期（2020 年至 2024 年）期间，风险投资公司「似乎很活跃」，希望通过投资「已经爆发」的应用程序与参与者一起暴富。但目前已知的几种叙事（NFTS、AMM 分叉、defi、L2s）都已经走到末路，而下一步该怎么走目前还不太清楚。</p></div>

观点：加密风投正放缓投资速度，持有BTC/ETH即可获得可观收益，以及缺乏新叙事是关键原因

On August 10th, Cinneamhain Ventures partner Adam Cochran posted on social media that the pace of venture capital investment in cryptocurrencies has slowed significantly, and there is a subtle reason for this. Most venture capital firms have limited partners (LPs), and LPs are primarily interested in returns that outperform index funds. However, from a medium-term perspective, the risk-return ratio of simply holding BTC and ETH can "easily outperform" index funds.

This allows venture capitalists to take a wait-and-see approach to BTC and ETH, waiting for safer and more profitable opportunities, rather than taking on as much early-stage risk in startups as in other industries. This is because there are no other assets in other markets that provide the kind of holding income that BTC or ETH do.

Adam Cochran stated that during the previous crypto cycle (2020 to 2024), venture capital firms "seemed quite active," hoping to get rich by investing in "already exploded" applications and participants. But the few known narratives (Non-Fungible Tokens, AMM forks, DeFi, L2s) have already reached their end, and it is not yet clear what the next step should be.

<div><p>On August 10, Adam Cochran, partner of Cinneamhain Ventures, posted on social media that venture capital firms&#39; investment in cryptocurrencies has slowed down significantly, and there is a subtle reason for this. Most venture capital firms have limited partners (LPs), and LPs are mainly interested in outperforming index fund returns. But in the medium term, the risk-return ratio of just holding Bitcoin and Ethereum can &quot;easily beat&quot; index funds.</p><p> This allows venture investors to stay on the sidelines of Bitcoin and Ethereum, waiting for safer and more profitable opportunities, rather than taking as much early risk on startups as they would in other industries, because there are no assets in other markets that offer the same holding yields as BTC or ETH.</p><p> Adam Cochran said that during the last crypto cycle (2020-2024), venture capital firms &quot;seemed to be very active&quot;, hoping to get rich with participants by investing in &quot;already-exploded&quot; applications. However, several known narratives (NFTS, AMM forks, defi, L2s) have come to an end, and it is not clear what to do next.</p></div>

Opinion: Crypto venture capitalists are slowing down their investment pace, holding BTC/ETH can generate substantial returns, and the lack of new narratives is a key reason.

Author: BITWU.ETH

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