a16z is raising $2 billion for a new crypto fund during a 46% drawdown while 62% of Polymarket thinks bitcoin goes below $50K the largest venture firm in tech is writing their biggest digital asset check yet at the exact moment consensus says the market is dead this is the same firm that raised their first crypto fund in 2018 during the last winter the portfolio from that fund returned over 50x so here we go again: - retail sells during fear - institutions write checks during fear - and four years later the people who agreed with the institutions made money and the people who agreed with the crowd didn't you'd think we'd learn this by now but we never do