VC money is getting concentrated into a small handful of brands. @a16zcrypto is reportedly raising its fifth crypto fund. Target: ~$2B. Close: end of 1st half of 2026 That’s a lot smaller than their 2022 fund (~$4.5B). Less: deploy at all costs More: pick fewer, higher quality bets A VC fund pushes you into one big story for years. You raise it, then you spend lots of time placing bets that fit that story. So you can see why the “apps will save us” narrative cooled off. @farcaster_xyz reportedly repaid the full $180M it raised after selling its infrastructure, basically handing investors their money back once the protocol changed hands. And it’s not only a16z. @paradigm is reportedly raising up to ~$1.5B too. I think this looks like a rotation back to crypto’s finance core: stables, trading infra, rails. The stuff people keep using every day.

how long can this last sir