加密风险投资家在市场炒作中保持谨慎

加密货币风险资本支持者对最近加密货币市场看涨情绪的飙升表示怀疑，因为在投资者采取谨慎态度的情况下，融资工作面临挑战。为风险投资基金提供资金的有限合伙人在目睹 2022 年市场低迷期间遭受的重大损失后，开始优先考虑有形回报。

Crypto Venture Capital Backers Exercise Caution Amidst Market Hype

加密货币风险投资支持者在市场炒作中保持谨慎

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.

寻求投资加密初创公司的风险投资基金在筹集资金方面面临挑战，因为在 2022 年市场动荡之后，有限合伙人优先考虑有形回报。尽管过去的融资规模创下纪录，但随着投资者变得更加挑剔，对加密货币投资的兴趣已经减弱。

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.

向风险基金提供资金的有限合伙人优先考虑的是有形收益而不是投机炒作。三箭资本 (Three Arrows Capital) 和摄氏度网络 (Celsius Network) 等加密货币企业的倒闭给该行业留下了持久的印记，促使人们采取更加谨慎的态度。

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.

风险基金正在认识到这一转变并调​​整其策略。一些公司专注于具有明确收入模式和已建立客户群的初创公司，而另一些公司则正在探索区块链技术具有实际应用的利基领域。

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.

有限合伙人的犹豫也反映在加密初创公司估值的下降上。根据 PitchBook 的数据，自 2021 年牛市顶峰以来，A 轮融资初创公司的估值中位数已经下降了 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.

尽管面临挑战，对加密初创公司的风险资本投资仍在继续。然而，焦点已转向拥有良好业绩记录和明确市场机会的公司。

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.

加密货币市场的过山车之旅给投资者留下了持久的影响。有限合伙人现在更加谨慎和敏锐，优先考虑有形回报而不是投机炒作。风险投资基金正在相应地调整其策略，重点关注具有明确收入模式和成熟客户群的公司。

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.

尽管 2021 年的泡沫日子可能已经过去，但对加密初创公司的风险资本投资仍在继续。然而，该行业已进入更加成熟的阶段，切实的收益和经过验证的商业模式至关重要。