The massive amount of capital raised by VC funds in the private markets has led to projects raising multi-billion dollar valuations in the same market. This abundance of VC capital allows projects to stay private until reaching billion-dollar valuations. Despite the lack of new retail interest in crypto markets, institutional trading volume is increasing significantly. The capital recycling mainly comes from crypto natives who bought Bitcoin at lower prices and are now selling at higher levels, fueling the market despite lower retail trading volumes compared to 2021.