retail feeling frisky (most bullish since late '21) while institutions still net 24% underweight global equities; meanwhile VIX @ 13.7 and CBOE put/call ratio lowest since Q1 '22. who capitulates first?

definitely one of the better crypto venture reports out there. this deal flow tends to be a lagging indicator, but reiterates (1) private market crypto valuations still rich relative to the rest of venture, and (2) fundraising in crypto remains arduous despite YTD performance