I’m often struck by how similar early-stage VC is to liquid investing in crypto Both are driven by hype, flows, and momentum - not by fundamentals I’ve seen “hot” startups - still very early and light on tech - get preemptive offers for up-rounds. Shocking how much of this is hype vs fundamentals Early-stage VC should be about backing outliers before they’re obvious - not chasing narratives and momentum like in short-term liquid trading The counter here is: the best founders can turn hype into a self-fulling prophecy, where bigger rounds lead to better hires, bigger partnerships, etc. But more often, it leads to lower focus and zombie outcomes