Wintermute Ventures: Market sentiment turns cautious after Hong Kong Consensus

After attending Consensus in Hong Kong, the Wintermute Ventures team released an observation report, noting that market sentiment is becoming more cautious, with phenomena such as narrative failure, token identity crisis, and capital rotation towards AI stocks emerging. The report mentions that the bar for founder fundraising has been raised, and investors are paying more attention to real traction; token issuance faces challenges in value accrual and incentive alignment; and market opportunities are focused on businesses with revenue and licenses. The Latin American region is considered attractive due to product-market fit and regulatory progress. Despite weakening sentiment, investors still have expectations for the crypto industry, and founders need to focus on real user acquisition and distribution. Wintermute Ventures stated that it remains optimistic about the long-term development of the industry.