At Consensus Hong Kong, leading venture capitalists emphasized recalibration over retreat as the crypto market faces a prolonged downturn. Hasseeb Qureshi of Dragonfly highlighted a "barbell" strategy, focusing on scaling proven sectors like stablecoins and tokenization, while cautiously exploring high-risk areas such as AI integration with blockchain. Qureshi's past experiences with NFTs and prediction markets underscore the need for adaptability in fast-moving cycles. Mo Shaikh of Maximum Frequency Ventures stressed the importance of long-term investment horizons, advocating for a 15-year perspective on blockchain's potential to transform financial systems. Meanwhile, Pantera Capital's Paul Veradittakit noted a 14% rise in crypto VC capital despite a 42% drop in deal count, indicating a "flight to quality" towards accomplished entrepreneurs and tangible use cases. The consensus among VCs is clear: focus on scaling successful ventures, experiment selectively, and prioritize fundamentals over narratives.