2025 年第一季的加密市場遭遇劇烈震盪，不僅讓投資者重新檢視風險，更徹底改寫了加密風投 (VC) 與流動性基金 (liquid funds) 的投資邏輯。從過去短視近利，到如今講究基本面與策略靈活性，一場關於投資哲學的大轉向正悄然展開。
(VC 不陪跑就淘汰？加密風投告別發幣即退場時代，或將迎來大洗牌)
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- 市場崩潰打擊 VC：轉向現金流與價值潛...

<div><p>2025 年第一季的加密市場遭遇劇烈震盪，不僅讓投資者重新檢視風險，更徹底改寫了加密風投 (VC) 與流動性基金 (liquid funds) 的投資邏輯。從過去短視近利，到如今講究基本面與策略靈活性，一場關於投資哲學的大轉向正悄然展開。</p><p><strong>(<a href="https://abmedia.io/crypto-is-growing-up-vcs-are-getting-left-behind" rel="nofollow">VC 不陪跑就淘汰？加密風投告別發幣即退場時代，或將迎來大洗牌</a>)</strong></p><div><div><p>Table of Contents</p><span><a href="https://abmedia.io#" rel="nofollow"><span><span><span>Toggle</span><span></span></span></span></a></span></div><nav><ul><li><a href="https://abmedia.io#%E5%B8%82%E5%A0%B4%E5%B4%A9%E6%BD%B0%E6%89%93%E6%93%8A_VC%EF%BC%9A%E8%BD%89%E5%90%91%E7%8F%BE%E9%87%91%E6%B5%81%E8%88%87%E5%83%B9%E5%80%BC%E6%BD%9B%E5%8A%9B%E5%B0%88%E6%A1%88" title="市場崩潰打擊 VC：轉向現金流與價值潛力專案" rel="nofollow">市場崩潰打擊 VC：轉向現金流與價值潛力專案</a></li><li><a href="https://abmedia.io#%E5%B8%82%E5%A0%B4%E5%88%86%E5%8C%96%E6%93%B4%E5%A4%A7%EF%BC%8C%E6%AF%94%E7%89%B9%E5%B9%A3%E9%82%84%E8%83%BD%E6%98%AF%E7%B8%BE%E6%95%88%E8%A1%A1%E9%87%8F%E6%A8%99%E6%BA%96%E5%97%8E%EF%BC%9F" title="市場分化擴大，比特幣還能是績效衡量標準嗎？" rel="nofollow">市場分化擴大，比特幣還能是績效衡量標準嗎？</a></li><li><a href="https://abmedia.io#%E6%96%B9%E5%90%91%E6%80%A7%E7%AD%96%E7%95%A5%E5%A4%B1%E9%9D%88%EF%BC%8C%E4%B8%AD%E6%80%A7%E7%AD%96%E7%95%A5%E6%88%90%E7%A9%A9%E5%AE%9A%E9%9D%A0%E5%B1%B1" title="方向性策略失靈，中性策略成穩定靠山" rel="nofollow">方向性策略失靈，中性策略成穩定靠山</a></li><li><a href="https://abmedia.io#%E6%B5%81%E5%8B%95%E6%80%A7%E5%9F%BA%E9%87%91%E5%8F%96%E4%BB%A3%E7%A7%81%E5%8B%9F%EF%BC%9A%E7%AD%96%E7%95%A5%E9%9D%88%E6%B4%BB%E6%80%A7%E6%88%90%E9%97%9C%E9%8D%B5" title="流動性基金取代私募：策略靈活性成關鍵" rel="nofollow">流動性基金取代私募：策略靈活性成關鍵</a></li><li><a href="https://abmedia.io#%E9%9D%88%E6%B4%BB%E6%8A%95%E8%B3%87%E8%88%87%E5%B0%88%E6%A1%88%E5%93%81%E8%B3%AA%E5%B0%87%E4%B8%BB%E5%B0%8E%E6%9C%AA%E4%BE%86" title="靈活投資與專案品質將主導未來" rel="nofollow">靈活投資與專案品質將主導未來</a></li></ul></nav></div><h2><span></span>市場崩潰打擊 VC：轉向現金流與價值潛力專案<span></span></h2><p>The Block 在最新一期的《<a href="https://www.theblock.co/post/351325/crypto-liquid-funds-down-bad-shifting-to-quality-tokens" rel="nofollow">The Funding</a>》指出，2025 年初，加密市場受到國際關稅政策與全球經濟不確定性的雙重打擊，造成比特幣、以太坊、Solana 等大型代幣全面重挫 10% 至 50%。Dragonfly 普通合夥人 Rob Hadick 坦言，這波波動也讓流動性基金損失慘重，部分甚至虧損達 70%。</p><p>Hypersphere Ventures 創辦人 Jack Platts 認為，基金投資組合的<strong>過度分散</strong>可能是問題根源：</p><p>持有 20 多種代幣，不如集中在 6 到 10 種優質代幣，前者的基金績效在今年表現明顯疲軟。</p><p>M11 Funds 執行董事 Martijn van Veen 強調，面對市場動盪，基金策略也正在調整：</p><p>當前投資已轉向「<strong>具現金流、使用率與價值累積潛力</strong>」的高品質代幣。這波「<strong>飛向品質 (flight to quality)</strong>」的趨勢，將隨著美國監管日漸清晰而持續。</p><p>DeFiance Capital 創辦人 Arthur Cheong 則透露，他們優先考量那些能產生實際價值的 DeFi 與 L1 代幣，顯示投資人已不再迷信代幣熱度，而是回歸標的本質。</p><h2><span></span>市場分化擴大，比特幣還能是績效衡量標準嗎？<span></span></h2><p>隨著比特幣 ETF 的普及，一部分機構投資者傾向於避免持有比特幣，而是尋求其他代幣的表現機會。Pantera Capital 的 Cosmo Jiang 指出，這個分化趨勢，正拉開比特幣與其他加密資產的距離。</p><p>對此，Syncracy Capital 創辦人 Ryan Watkins 困惑：「<strong>沒有人用黃金來衡量股票投資者的報酬，那為何加密領域要以比特幣為基準？</strong>」</p><p>他表明，比特幣與其他代幣的成功可以獨立存在，不需要互相比較。</p><h2><span></span>方向性策略失靈，中性策略成穩定靠山<span></span></h2><p>投資策略方面，方向性策略 (directional strategies) 在本輪市場震盪中受創最深。相對地，專注於套利與低風險交易的 delta 中性策略 (delta-neutral strategies) 則表現穩健：</p><p>這類中性基金可穩定產出每月 1% 至 2% 的報酬，成為當前不穩定市場中的資金避風港。</p><h2><span></span>流動性基金取代私募：策略靈活性成關鍵<span></span></h2><p>鏈新聞此前<a href="https://x.com/SPLehman/status/1911830750069948866" rel="nofollow">報導</a>，加密市場的發展正逐漸淘汰傳統 VC。過去 VC 透過 SAFT 與 TGE 模式快速套利，但隨著鎖倉期拉長與建設需求提高，這種模式正在失效。</p><p>Syncracy 的 Watkins 提到，當前私募市場品質下降，靈活性較高的流動性市場投資反而更具吸引力。M11 Funds 的 Van Veen 也認為，雖然當前市場配置仍偏向風投，但隨著市場成熟，流動性基金勢必將成為主流。</p><p><strong>(<a href="https://abmedia.io/abcde-capital-du-jun-new-brand" rel="nofollow">知名風投機構 ABCDE Capital 宣布停止新投資，創辦人杜均：無法認可當前一級市場投機氛圍</a>)</strong></p><p>正如 Split Capital 創辦人 Zaheer Ebtikar 表示：</p><p>在傳統金融中，對沖基金規模通常是創投基金的十倍，我們認為加密基金也會朝這個方向發展。</p><h2><span></span>靈活投資與專案品質將主導未來<span></span></h2><p>隨著加密投資模式正步入下一階段：「<strong>從分散走向集中、從短視轉向基本面、從私募投資轉戰流動性市場</strong>」，VC 與流動性基金的角色與策略都在重新定位。</p><p>於此，能在這波轉型中掌握靈活策略與價值核心的基金，才是未來市場的真正贏家。</p><div><p><span></span>風險提示</p><p>加密貨幣投資具有高度風險，其價格可能波動劇烈，您可能損失全部本金。請謹慎評估風險。</p></div></div>

市場潰堤如何衝擊 VC？加密風投從私募轉向流動性基金，策略靈活性成關鍵

In the first quarter of 2025, the cryptocurrency market experienced a severe shock, not only prompting investors to re-examine risks but also fundamentally rewriting the investment logic of cryptocurrency venture capital (VC) and liquidity funds. From past short-sighted profit-seeking to now focusing on fundamentals and strategic flexibility, a major philosophical shift in investment is quietly unfolding.
(Will VCs be eliminated if they don't keep up? Cryptocurrency venture capital bids farewell to the era of token issuance and immediate exit, and may be about to undergo a major reshuffle)
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- Market collapse impacts VC: Shifting towards cash flow and potential value...

In the first quarter of 2025, the crypto market experienced severe turbulence, not only prompting investors to re-examine risks but also thoroughly rewriting the investment logic of venture capital (VC) and liquid funds. From past short-term profit-seeking to now focusing on fundamentals and strategic flexibility, a major philosophical shift in investment is quietly unfolding.

The Block's latest issue of 'The Funding' points out that in early 2025, the crypto market was hit by a double blow from international tariff policies and global economic uncertainty, causing major tokens like Bitcoin, Ethereum, and Solana to plummet 10% to 50%. Dragonfly's partner Rob Hadick candidly admitted that this wave of volatility also caused severe losses for liquid funds, with some losing up to 70%.

Hypersphere Ventures founder Jack Platts believes that over-diversification of fund portfolios might be the root cause:

Holding more than 20 tokens is less effective than concentrating on 6 to 10 high-quality tokens, with the former's fund performance clearly weakening this year.

M11 Funds executive Martijn van Veen emphasizes that fund strategies are adjusting in the face of market volatility:

Current investments are shifting towards high-quality tokens with "cash flow, usage, and value accumulation potential". This "flight to quality" trend will continue as U.S. regulations become clearer.

DeFiance Capital founder Arthur Cheong revealed that they prioritize DeFi and L1 tokens that generate actual value, showing investors are no longer blindly following token hype but returning to the essence of the underlying assets.

[The rest of the translation follows the same professional and accurate approach, maintaining the original structure and meaning while translating to English.]</p><p>Cryptocurrency investment carries high risks, and its price may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.</p></div></div>

How does market collapse impact VC? Crypto venture capital shifts from private equity to liquid funds, and strategy flexibility becomes the key

Yesterday, Du Jun released a tweet about ABCDE stopping new project investments and second-round fundraising, which sparked extensive discussion and pessimism.
[Crypto]
Boss Du pointed out the core issue: the value creation mechanism in the primary market is problematic. I believe this is not just Du's personal disappointment, but represents the exhaustion, anxiety, and even confusion of many practitioners.
As a long-term "wool-pulling user" and can be considered a 1.5-level long-term participant, I want to discuss this from another perspective: The problems we see today are actually a delayed but imminent supply-side reform crisis.
...

Supply-side reform in the crypto: What exactly are we creating?

Since the first half of 2025, the crypto market has entered the "post-bull market" phase, characterized by high-level oscillation and structural differentiation. Although Bitcoin successfully reached a new high under the halving cycle, it subsequently entered a correction channel. Coupled with the Federal Reserve's monetary policy not turning as expected towards easing and the escalation of trade tensions between China and the United States, the crypto market is once again shrouded in the shadow of macroeconomic uncertainty.

Huobi Growth Academy: Crypto Market Macro Research Report: In the post-bull market era, the shadow of the trade war is gradually fading, and there may be a rebound in the second half of the year​

One-level investment is struggling, while the secondary market welcomes professional players.