Cosmo Jiang, general partner and portfolio manager at Pantera Capital, a crypto hedge fund and venture capital firm, said that as the industry matures, crypto investing will focus more on fundamentals, commenting: "If fundamental investing doesn't get into the industry, it means we failed, and all assets ultimately follow the law of gravity. At the end of the day, the only thing that matters to investors - as it has for thousands of years - is cash flow." He added: "Cryptocurrencies have grown from nothing to $3.40 trillion driven by retail investors, but the only way for the asset class to keep growing is to attract institutional capital. And institutional capital only cares about fundamentals. Logically, this will be the only way to make money sustainably in the future."