Bitcoin

This reflects a systemic shift away from illiquid alternative assets as institutions prioritize capital preservation over growth. With 74% of private equity funds underperforming benchmarks (Preqin data), capital flight from private markets accelerates the 'flight to quality' into cash/Treasuries, starving crypto projects of venture funding that drove the 2021 bull cycle. It confirms the end of easy money fueling speculative private valuations.

Private market dealmakers are attending the SuperReturn conference in Berlin this week with investors expected to demand capital returns.