加密創投家在市場炒作中保持謹慎

加密貨幣風險資本支持者對最近加密貨幣市場看漲情緒的飆升表示懷疑，因為在投資者採取謹慎態度的情況下，融資工作面臨挑戰。為創投基金提供資金的有限合夥人在目睹 2022 年市場低迷期間遭受的重大損失後，開始優先考慮有形回報。

Crypto Venture Capital Backers Exercise Caution Amidst Market Hype

加密貨幣創投支持者在市場炒作中保持謹慎

Venture capital funds seeking investments in crypto startups are facing challenges in raising capital as limited partners prioritize tangible returns in the wake of the 2022 market turmoil. Despite record fundraising in the past, the appetite for crypto investments has waned as investors become more discerning.

尋求投資加密新創公司的創投基金在籌集資金方面面臨挑戰，因為在 2022 年市場動盪之後，有限合夥人優先考慮有形回報。儘管過去的融資規模創下紀錄，但隨著投資者變得更加挑剔，對加密貨幣投資的興趣已經減弱。

Limited partners, who provide capital to venture funds, are prioritizing tangible gains over speculative hype. The collapse of crypto ventures such as Three Arrows Capital and Celsius Network has left a lasting imprint on the industry, fostering a more cautious approach.

向創投基金提供資金的有限合夥人優先考慮的是有形收益而不是投機炒作。三箭資本 (Three Arrows Capital) 和攝氏度網絡 (Celsius Network) 等加密貨幣企業的倒閉給該行業留下了持久的印記，促使人們採取更加謹慎的態度。

Venture funds are acknowledging this shift and adjusting their strategies. Some are focusing on startups with clear revenue models and established customer bases, while others are exploring niche sectors where blockchain technology has tangible applications.

風險基金正在認識到這一轉變並改善其策略。一些公司專注於具有明確收入模式和已建立客戶群的新創公司，而其他公司則正在探索區塊鏈技術具有實際應用的利基領域。

The hesitancy among limited partners is also reflected in the declining valuations of crypto startups. According to data from PitchBook, the median valuation for crypto startups in the Series A stage has fallen by 40% since the peak of the bull market in 2021.

有限合夥人的猶豫也反映在加密新創公司估值的下降上。根據 PitchBook 的數據，自 2021 年牛市頂峰以來，A 輪融資新創公司的估值中位數已經下降了 40%。

Despite the challenges, venture capital investment in crypto startups continues. However, the focus has shifted towards companies with a proven track record and a clear market opportunity.

儘管面臨挑戰，對加密新創公司的風險資本投資仍在繼續。然而，焦點已轉向擁有良好業績記錄和明確市場機會的公司。

The rollercoaster ride of the crypto market has left a lasting impact on investors. Limited partners are now more cautious and discerning, prioritizing tangible returns over speculative hype. Venture capital funds are adapting their strategies accordingly, focusing on companies with clear revenue models and established customer bases.

加密貨幣市場的過山車之旅給投資者留下了持久的影響。有限合夥人現在更加謹慎和敏銳，優先考慮有形回報而不是投機炒作。創投基金正在相應地調整其策略，重點關注具有明確收入模式和成熟客戶群的公司。

While the frothy days of 2021 may be behind us, venture capital investment in crypto startups continues. However, the industry has entered a more mature phase where tangible gains and proven business models are paramount.

儘管 2021 年的泡沫日子可能已經過去，但對加密新創公司的風險資本投資仍在繼續。然而，該行業已進入更成熟的階段，切實的收益和經過驗證的商業模式至關重要。