Next, I’m keeping an eye on Bitcoin $BTC at 81306. Tiger Research called this quarter the best third quarter since 2017, but money hasn’t flowed back to startups.
The current price is 81306 USDT, down 2.56% over 24 hours. The price story is back, but investors are more selective with their early-stage checks. The number of M&A deals is roughly flat, with small deals focused on shoring up licenses, payments, and institutional trading capabilities taking the place of major acquisitions. Established lead VC firms are losing influence over deal terms, while CEX-affiliated funds looking to expand their exchanges and public blockchains are becoming more active. Seed funding is shrinking, and money is concentrating in Series A to C companies that already have revenue and licenses. Equity financing is down, while bond issuance, credit lines, and SPACs are expanding.
I read this as a diversion of capital: prices are rising in the secondary market, but capital isn’t flowing back into the primary market. If the price keeps weakening around 81306, without new funding reaching projects, any rebound will look more like money circulating within the existing pool.
#季度复盘 #资金流向
The current price is 81306 USDT, down 2.56% over 24 hours. The price story is back, but investors are more selective with their early-stage checks. The number of M&A deals is roughly flat, with small deals focused on shoring up licenses, payments, and institutional trading capabilities taking the place of major acquisitions. Established lead VC firms are losing influence over deal terms, while CEX-affiliated funds looking to expand their exchanges and public blockchains are becoming more active. Seed funding is shrinking, and money is concentrating in Series A to C companies that already have revenue and licenses. Equity financing is down, while bond issuance, credit lines, and SPACs are expanding.
I read this as a diversion of capital: prices are rising in the secondary market, but capital isn’t flowing back into the primary market. If the price keeps weakening around 81306, without new funding reaching projects, any rebound will look more like money circulating within the existing pool.
#季度复盘 #资金流向