BTC has risen by 45% in the past year, while altcoins have averaged a decline of over 60%! Most altcoins from early VC investments, the so-called value coins, have also plummeted! The previous market was characterized by early VC investment promotion, funding, and efforts, followed by acquiring token lock-up quotas and market-making permissions upon listing! This led to a common issue with major VC coins from previous years: minimal circulation early on, high valuations, and continuous harvesting once tokens were listed, as VCs needed to recoup their investments, institutions aimed to profit, and project teams needed to upgrade their vehicles. This has resulted in a significant number of altcoins backed by VCs in recent years performing poorly! VCs entered at low prices, and the lock-up mechanism was originally intended to protect early-stage projects and prevent early investors from dumping large amounts of tokens, causing price crashes. However, data from the past year indicates that this mechanism has exposed primary investors to substantial risks. In the future, over $40 billion worth of locked tokens will be gradually unlocked, which means the market may face greater selling pressure. If new tokens continue to be locked at high valuations, investors may fall into a vicious cycle of 'locking for a year, losing half.' Clearly, this lock-up strategy is no longer suitable for the current market environment.

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