Public market demand for tech startups has been weak for many years now bc venture capital funds raised way too much money, which artificially pumped up private company valuations. The public markets caught on to this and just stopped believing the narratives coming out of Silicon Valley.

The same exact thing is now playing out in crypto just many years behind. Too much crypto VC has been raised by about 30x in the past 5 years. Most of this capital is chasing stupid token narratives for retail liquidity. It’s worked well for some, but the game is ending. Public markets are getting smarter and will inevitably gravitate to credibly neutral stores of value. The main beneficiaries will be BTC, ETH and high value crypto art.