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在这个看似热闹非凡的加密货币牛市里，有一群人却在“逆风前行”——他们就是加密风投基金的管理人。市场行情红火，代币价格不断上扬，但风投基金的募资环境却冷得出奇。钱不是没了，而是流向了别的地方：ETF、数字资产财库（DAT）、以及吸走眼球的人工智能项目。 1 U4 W% Y' i9 @6 L9 ~. _, k
自 2022 年 Terra（LUNA）和 FTX 先后崩盘之后，LP（有限合伙人）的信任大幅受损。曾经一掷千金的机构如今谨慎得多，不仅要求基金有过硬的历史业绩，还希望看到实打实的资金回报。换句话说，“光讲故事”已经不管用了。
( h9 l& {8 P' r: ]# J* _! [0 I数据显示，加密基金募资规模一路下滑：2022 年还有 329 支基金共筹得超过 860 亿美元，2023 年骤降至 112 亿美元，2024 年更缩水到 79.5 亿美元，而到了 2025 年，目前仅 28 支基金拿到 37 亿美元。规模也好，数量也罢，都在快速萎缩。 * \5 w" z. |1 P1 p
几个原因叠加在一起：风控思维转变：加息让资本更偏向安全、流动性高的资产。回报周期过长：ETF 和蓝筹代币短期就能获利，而风投项目往往需要多年孵化。缺乏亮眼项目：自 2021 年以来，鲜有代币表现足够亮眼，山寨币买盘萎缩，削弱了 LP 的热情。AI 抢走风头：人工智能成了资本的新宠，许多原本关注加密的 LP 把钱投向了 AI。 ) K/ q3 X" O- }* Y* F
如果募资困境持续下去，行业将出现“整合潮”。弱小、缺乏特色或业绩不佳的基金会逐渐消失，只留下两个极端：一头是 Paradigm、a16z 这样的大基金，另一头是小而专精的特色基金。至于中型基金？大概率会被边缘化。
4 a6 Q3 s$ c# X; A% W0 m* D' v) t同时，加密风投的边界也在模糊。部分基金开始走向“加密+Web2”的混合模式，而传统 Web2 风投也在悄悄试水加密领域。未来的格局，很可能更像传统资本市场：小型精锐基金和巨头共同支撑起庞大的流动性。 6 m3 ^( ?# \( M+ N5 c
有人认为，2026 年中随着利率下调、并购交易活跃，机构投资者会重返市场；也有人指出，除非出现下一个类似“稳定币”那样的超级叙事，否则 LP 不会轻易回归。换句话说，资金要么等到宏观环境转好，要么等一个足够惊艳的故事。 . {4 N) v$ [9 }3 [
牛市热闹，钱潮汹涌，但这波热钱流向了比特币、以太坊和人工智能，留给加密风投的空间并不大。募资难，既是一次“优胜劣汰”，也是对行业自我修复的过程。等到下一个真正改变游戏规则的应用出现时，那些熬过寒冬的基金，或许才会迎来真正的春天。
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一年一度的七夕就快到了，你准备好了吗？七夕存心动，彩金送真情，与【WELLBET吉祥坊】有约，让爱不缺席！欢迎来吉祥坊找真爱...（咦？）是来吉祥坊领让你给真爱买七夕礼物的彩金啦~只要在指定存款期间内，达成累积存款金额，即可领取指定彩金，彩金高达1314元~领了彩金就有真爱（咦？）欢迎无论有真爱或没真爱的人都领起来~领了就必定有真爱啦！ / V* H7 U1 l- T( `. L6 H
传送门：七夕存心动，彩金送真情，与【WELLBET吉祥坊】有约，让爱不缺席 |
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当前离线
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牛市热闹归热闹，但热闹的是币价，不是基金。以前随便忽悠个未来故事，钱就哗啦啦进来了，现在谁还信啊
. ~5 D% i# C2 X
% C/ N w4 ^4 @6 w4 V! ULP们都学聪明了，能投 ETF 为啥要等你几年后回报？况且 AI 现在才是大舞台，大家都想蹭热点。
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说加密风投这几年靠讲故事混的太久了，泡沫吹太大，一到冷场就撑不住。
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能活下来的，肯定是有业绩、有方向的，剩下的迟早得被淘汰。 |
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