风险投资公司有时间避免加密货币行业的高风险押注

加密货币行业罕见，比特币和以太坊的强劲回报让风险投资家规避了早期风险

The cryptocurrency industry is unique in that the strong returns from Bitcoin and Ethereum allow venture capitalists to avoid the early-stage risks they must make in other industries, according to a venture capitalist.

一位风险投资家表示，加密货币行业的独特之处在于，比特币和以太坊的强劲回报使风险投资家能够避免在其他行业必须承担的早期风险。

“VCs have slowed investing in crypto by a lot, and it's a bit of a nuanced reason,” Adam Cochran, partner at venture capital firm Cinneamhain Ventures, wrote in a thread of X posts on Aug. 9.

风险投资公司 Cinneamhain Ventures 的合伙人 Adam Cochran 在 8 月 9 日的 X 帖子中写道：“风险投资公司已经大幅放缓了对加密货币的投资，这是一个微妙的原因。”

Cochran explained that most venture capital firms have Limited Partners (LPs) who are primarily interested in outperforming index fund returns. He added that in the medium term, the risk-reward ratio of owning BTC ($60,833) and ETH ($2,635) “will easily beat” index funds.

科克伦解释说，大多数风险投资公司都有有限合伙人（LP），他们主要对超越指数基金回报感兴趣。他补充说，从中期来看，持有 BTC（60,833 美元）和 ETH（2,635 美元）的风险回报率“将轻松击败”指数基金。

Over the past ten years, Bitcoin has had an average annualized return of 60%, while the S&P 500 index has averaged a 13.20% return, according to Curve.eu data.

根据 Curve.eu 的数据，过去十年，比特币的平均年化回报率为 60%，而标准普尔 500 指数的平均年化回报率为 13.20%。

This allows venture capitalists to stay on the sidelines with Bitcoin and Ethereum rather than take as many early-stage risks with Web3 startups as they do in other industries, according to Cochran.

Cochran 表示，这使得风险投资家能够对比特币和以太坊保持观望，而不是像在其他行业那样对 Web3 初创公司承担那么多的早期风险。

“Normally in an industry you've got more VCs taking early shots because the idle gain that BTC/ETH provide doesn't exist in those markets,” Cochran explained.

“通常情况下，在一个行业中，会有更多的风投公司尽早进行投资，因为这些市场中不存在 BTC/ETH 提供的闲置收益，”Cochran 解释道。

He pointed out that during the last crypto cycle (2020 - 2024), VC firms “seemed active” by investing in applications that “had already broken out,” hoping to “make up the multiple on late stages with consumers.”

他指出，在上一个加密周期（2020-2024年）中，风险投资公司“似乎很活跃”，投资于“已经爆发”的应用程序，希望“在后期阶段与消费者弥补倍数”。

“We've also burnt out the last few narrative trends (NFTS, AMM forks, defi, L2s) and it's not quite clear what's next,” he claimed.

“我们还已经淘汰了过去的一些叙事趋势（NFTS、AMM 分叉、defi、L2），而且还不清楚接下来会发生什么，”他声称。

Crypto venture capital funding crossed the $1 billion mark in three separate months of 2024 — March ($1.09 billion), April ($1.04 billion) and July ($1.01 billion), according to RootData.

RootData 的数据显示，2024 年的三个不同月份，加密货币风险投资资金突破了 10 亿美元大关：3 月（10.9 亿美元）、4 月（10.4 亿美元）和 7 月（10.1 亿美元）。

This marks a significant increase compared to the previous year, when it only reached this level once, in November 2023 ($1.29 billion).

与上一年相比，这标志着显着增长，当时仅在 2023 年 11 月达到这一水平（12.9 亿美元）。

However, it is still substantially lower than two years ago, when the first four months of 2022 each saw over $4 billion in crypto venture capital funding per month.

然而，该数字仍大大低于两年前，当时 2022 年前四个月每月的加密风险投资资金超过 40 亿美元。