Bear market watch: Top Crypto investment institutions Portfolio status, most have become Shitcoin

原文标题：《 观察顶级 Crypto 投资机构的 portfolio 现状，大部分已沦为 Shitcoin 》

Last night's porridge, the DeFi way

In the past year, the vast majority of Crypto ecological participants suffered huge losses, even the top investment institutions with many talents are no exception. It is said that Multicoin Capital, known as "Maotai in the coin circle", has retreated in the past year percentage also reached. 90%.

And a month after the FTX explosion, it will be interesting to watch the portfolios of these top investors.

Next, let's take a look at the performance of the first tier and some of the second tier Crypto VC portfolios over the past month and try to draw some conclusions.

Note: The projects covered below are Multicoin Capital, Blockchain Capital, Coinbase Ventures, Delphi Digital, Andreessen Horowitz (a16z), Pantera Capital, Polychain Capital, HashKey Capital, Animoca Brands, Paradigm, Tiger Global Management, DragonFly Capital, Binance Portfolio projects from Labs, Sequoia Capital, Arrington XRP Capital, Framework Ventures, 1confirmation, Digital Currency Group, In no particular order (data from cryptorank), they all have a market capitalisation of over $5m.

Over the past month, the top Crypto VC has performed the worst. 5 of the best projects

Multicoin Capital

The five worst performers:

The top five performing events:

Blockchain Capital

The five worst performers:

The top five performing events:

Coinbase Ventures

The five worst performers:

The top five performing events:

Delphi Digital

The five worst performers:

The top five performing events:

Andreessen Horowitz (a16z)

The five worst performers:

The top five performing events:

Pantera Capital

The five worst performers:

The top five performing events:

Polychain Capital

The five worst performers:

The top five performing events:

HashKey Capital

The five worst performers:

The top five performing events:

Animoca Brands

The five worst performers:

The top five performing events:

Paradigm

The five worst performers:

The top five performing events:

Tiger Global Management

The five worst performers:

The top five performing events:

DragonFly Capital

The five worst performers:

The top five performing events:

Binance Labs

The five worst performers:

The top five performing events:

Sequoia Capital

The five worst performers:

The top five performing events:

Arrington XRP Capital

The five worst performers:

The top five performing events:

Framework Ventures

The five worst performers:

The top five performing events:

1confirmation

The five worst performers:

The top five performing events:

Digital Currency Group (DCG)

The five worst performers:

The top five performing events:

Some observations

1. In the past month, with BTC down 2.4% and ETH down 4.0%, many public chain projects that were over-hyped in the last bull market cycle were slammed to the ground by the market. Typical examples are Flow, Celo, Aurora, Aptos, Helium, Near, Filecoin, Juno, etc. Cosmos Hub (atom) and the controversial Solana, on the other hand, have gained relatively high support in the short term. Although the voices of applied chain narration can be heard continuously, dydx and Osmosis's dismal performance in the short term indeed show that the role of narration is very limited in the face of headwinds. In the next second half of 2023, the macro wind direction may change, we need to make more observations on L1 public chain.

2、绝大多数 DeFi 项目的Token在过去一个月的表现都非常糟糕，即便像 Uniswap 这样的龙头项目，其 Token Uni 也下跌了 11.9 %，远远超过 BTC 以及 ETH 的跌幅，这或许与 DeFi 在吸引新用户方面遇到非常大的阻力有关。展望下一个可能的 DeFi 牛市，我们还需要解决用户体验以及使用场景的问题，而仅仅依靠复杂难懂的 ponzi Token 经济是不够的。

3, in many top Crypto VC portfolio, Lido's performance is relatively healthy, which may be with the next ethereum open pledge withdrawal catalyst has a relatively large relationship.

4. Many of the much-hyped decentralized social projects have done badly in the past month, and there is no dominant project in the space, so it will be interesting to see what happens next with Nostr and Farcaster.

5、在 Crypto 游戏领域，以 STEPN 为代表的偏 Ponzi Token经济的项目，在过去一个月的表现都非常糟糕，同样的，像 YGG 、GuildFi 这类 GameFi 游戏公会项目的 Token 也遭遇了严重缩水，另一方面，关注以游戏优先的 Crypto Game 的 ParagonsDao 则走出了独立行情。这些现象，或许意味着 Crypto 游戏的发展方向已经发生了变化，更好的游戏品质，更有可能去吸引圈内以及圈外的玩家参与。

6、熊市背景下，绝大多数 Crypto 项目的 Token 会沦为 Shitcoin，并被 BTC 和 ETH 无情碾压，即便是顶级投资机构主导的项目也是如此。但在进入下一个周期时，一些新的、尚未被证伪的 Crypto 项目，依然会吸引到新的关注，而观察这些变化会是一个非常有意思的事。

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