VC funding is back — but it may be setting up the next $97B token unlock wave for crypto markets

Dragonfly Capital closed its fourth fund at $650 million this week, the same size as its 2022 vehicle, raised into a venture market Fortune calls a “mass extinction event.” The headline reads like a vote of confidence: institutional capital returning, crypto winter thawing, alt season loading. But peel back one layer and the picture warps. […]