#加密市场总市值重回3万亿美元
This news is actually a little strange.. A crypto venture capital firm that has been doing projects for over ten years doesn’t roll out a new fund to invest in projects this time; it goes straight to making loans..
💬 有想法的进群聊
Most people see “$300 million—yet another fund”.. With a scale like this in today’s market, the headline isn’t even worth looking at twice.. But I think what’s truly worth watching is the position it changed to—from being the one holding equity, to being the one collecting interest..
That’s where it starts to be different.. Equity and credit are two entirely different kinds of money.. Equity profits from multiples of valuation; it depends on whether the next cycle is still there. Credit profits from interest over time; it fears the cycle being cut off mid-way.. When the same institution pivots, it shows that its judgment about what form “money should stay in the market in” has changed..
What’s even more interesting is the angle it chose.. The institution’s own explanation is that to address the bottleneck where institutions lack funds when they enter, it uses a set of loan standards with “contractual terms and constraints”..
This is worth pondering.. The key to lending should be what kind of collateral you have; now it can only rely on terms to cover the risk.. It’s basically an admission that the market still doesn’t have a universally recognized collateral system. Where the gap is, the money queues up to take sides..
The funding line shows it too.. In the past few days, the market’s total pool has just returned to above 3 trillion, but what institutions truly get stuck on has never been whether they can buy—it’s whether the money can be borrowed and raised smoothly.. Whoever breaks through this bottleneck gets the right to collect toll fees. So the real signal isn’t the $300 million itself—it’s that it chose to enter the arena in the form of “debt”..
The bigger narrative is over on traditional finance’s side.. Private credit has been the fastest-expanding segment on Wall Street in recent years. Now this whole playbook gets transplanted in, and the money on-chain starts learning to make profits from interest rate spreads rather than living off market moves..
But here’s the problem.. The prerequisite for lending is that someone truly needs this money—and can repay it.. If the borrower uses the funds for something with high volatility, then the outcome of this credit will be no different from all the previous cases of blind lending in history..
So what’s really worth tracking isn’t the fund size.. It’s who the first batch of borrowers are, what the money ultimately gets used for, and which exact numbers are written into the terms..
If this trend continues, this market’s segmentation will add another layer.. In the future, it won’t be about who can go up— it’ll be about who is qualified to be lent to..
That’s kind of interesting..
This news is actually a little strange.. A crypto venture capital firm that has been doing projects for over ten years doesn’t roll out a new fund to invest in projects this time; it goes straight to making loans..
💬 有想法的进群聊
Most people see “$300 million—yet another fund”.. With a scale like this in today’s market, the headline isn’t even worth looking at twice.. But I think what’s truly worth watching is the position it changed to—from being the one holding equity, to being the one collecting interest..
That’s where it starts to be different.. Equity and credit are two entirely different kinds of money.. Equity profits from multiples of valuation; it depends on whether the next cycle is still there. Credit profits from interest over time; it fears the cycle being cut off mid-way.. When the same institution pivots, it shows that its judgment about what form “money should stay in the market in” has changed..
What’s even more interesting is the angle it chose.. The institution’s own explanation is that to address the bottleneck where institutions lack funds when they enter, it uses a set of loan standards with “contractual terms and constraints”..
This is worth pondering.. The key to lending should be what kind of collateral you have; now it can only rely on terms to cover the risk.. It’s basically an admission that the market still doesn’t have a universally recognized collateral system. Where the gap is, the money queues up to take sides..
The funding line shows it too.. In the past few days, the market’s total pool has just returned to above 3 trillion, but what institutions truly get stuck on has never been whether they can buy—it’s whether the money can be borrowed and raised smoothly.. Whoever breaks through this bottleneck gets the right to collect toll fees. So the real signal isn’t the $300 million itself—it’s that it chose to enter the arena in the form of “debt”..
The bigger narrative is over on traditional finance’s side.. Private credit has been the fastest-expanding segment on Wall Street in recent years. Now this whole playbook gets transplanted in, and the money on-chain starts learning to make profits from interest rate spreads rather than living off market moves..
But here’s the problem.. The prerequisite for lending is that someone truly needs this money—and can repay it.. If the borrower uses the funds for something with high volatility, then the outcome of this credit will be no different from all the previous cases of blind lending in history..
So what’s really worth tracking isn’t the fund size.. It’s who the first batch of borrowers are, what the money ultimately gets used for, and which exact numbers are written into the terms..
If this trend continues, this market’s segmentation will add another layer.. In the future, it won’t be about who can go up— it’ll be about who is qualified to be lent to..
That’s kind of interesting..
