Every crypto bear market looks different going down and identical underneath.
2014, 2018, 2022. Drawdowns of 76-85%, running 12 -18 months. Liquid markets fall first. Venture contracts on a lag, and the contraction shows up in deal count long before it shows up in dollars.
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- Last Week in Blockchain - 10th August, 2026 1. Wells Fargo announced tokenized deposits for corporate clients launching this fall, starting with USD-GBP cross-border settlement on its proprietary blockchain, joining JPMorgan and Citi. [Bloomberg: bloomberg.com/news/articles/…]
- Every month we ask our portfolio founders one question. What do you need from us? 🧵
- This Week in Blockchain - 24th July, 2026 1. Japan's parliament passed legislation reclassifying cryptocurrencies as financial instruments, enabling spot bitcoin ETFs and cutting the top crypto tax rate from 55% to 20% starting in 2028. [CoinDesk: coindesk.com/policy/2026/07…]
- Last Week in Blockchain - 17th July, 2026 1. Citadel Securities invested $400M in Crypto.com on July 16, first institutional funding round since founding & providing capital for expansion into tokenized securities & derivatives. [CoinDesk: coindesk.com/business/2026/…]

