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Pantera Capital
Framework Ventures
Jane Street
Electric Capital
Three Arrows Capital
Coinbase Ventures
GSR
A* Capital
Multicoin Capital
Alameda Research
LedgerPrime
1confirmation
Fenbushi Capital
HashKey Capital
Flow Traders
Paradigm
Variant
Semantic Ventures
Circle Ventures
Galaxy Digital
Jump Crypto
Amber Group
Bankless Ventures
Sequoia Capital
CumberlandMixed
A mixed round, some signals are off the norm.
Syndicate size
Party round (68 investors), diffuse ownership and signal.
Insider conviction
All-new money, no prior investors re-upped.
Investor track record
Mostly newer or unproven managers.
Heuristic read of round size vs peers, syndicate size, insider conviction, and investor track record. Not investment advice.