The Block posted that in 2018 there were only about 50 funds focused primarily on cryptocurrency investments. Today, there are more than 1,150 globally. By comparison, there are about 4,000 registered hedge funds in the United States alone and about 30,000 globally. In terms of venture capital, cryptocurrencies raised more than $72 billion between 2018 and 2023, while U.S. general venture capital raised more than $600 billion during the same period. The balance is still heavily tilted towards traditional venture capital, but it is also true in the early days of tech and other industries. Despite the high hopes for 2024 (especially the Bitcoin Spot ETF and its early performance), this year seems to be more of a transitional period. It is important not to compare this cycle with previous cycles, because the situation has changed dramatically.