Crypto VC Funds: How LPs Get Rekt My $100K, vaporized into $56K within 4 years (3% mgmt + 30% carry) by this Early-Stage Token Fund During those 4 years, BTC 2x’d and numerous seed deals did 20-75x. Yet this fund charged fees to erase half of LP capital. [Vintage matters, sure, but vaporizing 50% in any cycle is elite-level underperformance.] Takeaway: Most early-stage crypto funds grew too big for the tiny pond of real winners. LPs deserve better oppties to deploy at scale (emphasis on "at scale"), and early-stage crypto just isn't it.