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a16z's fifth crypto-focused fund raises $2.2 billion
The first four funds, in chronological order, were established during the 2018 bear market, on the eve of the April 2020 bull market, in mid-2021 during the mid-cycle of the bull market, and at the end of the bull market in May 2022.
Honestly, this time... it should be considered the tail end of the bear market and the beginning of the bull market.