a16z: The crypto market is in a "cooling-off period," but the fundamental signals are the strongest in recent years

Golden Finance reports that a16z issued a statement explaining the reasons for launching the $2.2 billion crypto fund Crypto Fund 5, stating that the cycle of the crypto industry typically follows an evolution of “speculation—building—settling”: funds and attention flood in during peaks, some are wasted, but it also drives the development of key infrastructure; after the bubble deflates, what remains are often more practical and long-term valuable results.
The current market is in a relatively “calm phase,” but the underlying development signals are among the most positive in recent years, with stablecoins seen as the clearest example, now widely used in savings, cross-border payments, and daily transactions; on-chain finance sectors such as perpetual contracts, prediction markets, and on-chain lending are also continuously developing, while traditional assets are gradually being tokenized, and positive progress has been made in regulation, paving the way for mainstream institutional entry.