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cto

Varys Capital's venture capital director: There may be fewer than 20 VCs in the industry that are truly still making seed round investments

Varys Capital's head of venture capital, Tom Dunleavy, posted on X that the financing environment in the cryptocurrency market has changed dramatically over the past six months. Previously, VCs had to constantly network, write content, appear on podcasts, participate in Spaces, promote their investment logic, and make countless calls every week to invest in good projects... But now, as long as there is money to spend, that's enough. Current projects are being "pushed in front of VCs," without VCs having to actively dig for them; as long as others know you have funds, projects will come knocking.Most VC firms are now in one of the following three states: they are out of money, they are shifting to later stages (Series A and beyond), or they are fundraising (but not smoothly). Fundraising that used to take 2-3 weeks now often drags on for 2-3 months. Projects with questionable business models or those that simply replicate the latest hot narratives can no longer secure new funding or follow-on investments (which is a good thing).Currently, there may be fewer than 20 firms that are still making pre-seed/seed investments. VCs can basically choose the projects they want to invest in at their leisure and have more time to conduct due diligence. The investment cycle in 2025 and 2026 is likely to become a historically significant "golden opportunity," but the premise is that VCs can hold on.

Benchmark is bullish on Securitize: Target price $16, betting on the growth potential of the tokenization sector

Benchmark reiterated its bullish outlook on Securitize in its latest research report, giving it a target price of $16 post-IPO (stock code SECZ), believing it is poised to significantly benefit from the wave of tokenized assets.Analysis indicates that the total market capitalization of companies listed on the New York Stock Exchange is approximately $44 trillion. If Securitize captures just 1 basis point (0.01%) of that market, its platform asset size could double from the current approximately $4 billion. Benchmark emphasizes that Securitize is not only a tokenization platform but also possesses a "complete regulatory qualification system" that includes broker-dealer, transfer agent, and trading functions, which is expected to generate diversified income throughout the entire lifecycle of asset issuance, secondary trading, and custody services. Additionally, the company has been designated as the digital transfer agent for the tokenized securities platform that the New York Stock Exchange plans to launch, which supports 24/7 trading. Meanwhile, its tokenized U.S. Treasury fund BUIDL, in collaboration with BlackRock, has approached $3 billion, indicating rapid growth in the institutional-level RWA market. However, Benchmark also cautions that factors such as regulatory uncertainty, fragmented liquidity, and technological risks may still exert pressure on its valuation.

Data: The cryptocurrency sector generally rebounded, with only the AI and GameFi sectors experiencing a slight decline

According to SoSoValue data, negotiations between Israel and Lebanon to boost the ceasefire plan have improved market sentiment, leading to a general rebound in the cryptocurrency sector, with the SocialFi sector performing notably, rising 3.01% in 24 hours. Within this sector, Toncoin (TON) and Chiliz (CHZ) rose by 2.95% and 4.15%, respectively. Bitcoin (BTC) increased by 2.01%, breaking through $72,000, while Ethereum (ETH) rose by 0.91%, approaching the $2,200 mark.Meanwhile, MAG7.ssi rose by 1.27%, DEFI.ssi rose by 1.86%, and MEME.ssi rose by 1.63%.In other sectors, the DeFi sector rose by 2.77% in 24 hours, with Hyperliquid (HYPE) increasing by 4.96%; the Layer2 sector rose by 2.47%, with Arbitrum (ARB) increasing by 9.32%; the Layer1 sector rose by 1.90%, with Zcash (ZEC) increasing by 16.78%; the PayFi sector rose by 1.54%, with Dash (DASH) increasing by 17.20%; the CeFi sector rose by 0.63%, with Bitget Token (BGB) increasing by 2.70%.Additionally, the AI and GameFi sectors fell by 0.17% and 0.67%, respectively, with Bittensor (TAO) in the AI sector dropping by 9.86%; in the GameFi sector, ImmutableX (IMX) remained relatively strong, rising by 5.41%.The cryptocurrency sector indices reflecting historical performance show that ssiDeFi, sssiRWA, and siDePIN rose by 3.61%, 3.49%, and 3.12%, respectively.

JPMorgan: Strategy is the main factor for Bitcoin inflows

According to CoinDesk, JPMorgan released a report stating that the total inflow of digital assets in the first quarter of 2026 is approximately $11 billion, annualized at about $44 billion, which is about one-third of the same period in 2025.Analysts Nikolaos Panigirtzoglou and others pointed out that the inflow of funds from retail and institutional investors is low or even negative, with the inflow in the first quarter mainly coming from Bitcoin purchases by Strategy and concentrated crypto venture capital financing.The overall cryptocurrency market declined in the first quarter, with the total market capitalization dropping by about 20%, Bitcoin falling by about 23%, and ETH declining by over 30%. The sell-off was driven by macroeconomic and geopolitical pressures, with altcoins experiencing even larger declines. Prices stabilized towards the end of the quarter, with Bitcoin consolidating around $70,000.The report noted that CME futures positions for Bitcoin and ETH weakened compared to 2024 and 2025, with net outflows for spot Bitcoin and ETH ETFs occurring in the first quarter, mainly concentrated in January, while inflows for Bitcoin ETFs rebounded in March.Strategy remains the main buyer, primarily providing funding for Bitcoin purchases through equity issuance, while other corporate holders are relatively conservative, with some selling Bitcoin for buybacks. Bitcoin miners were net sellers in this quarter. The annualized pace of crypto venture capital funding is higher than in the previous two years, but it is concentrated in a few large transactions, with funds continuing to flow into infrastructure, stablecoins, payments, and tokenization.
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