The ongoing crypto bear market has deepened pessimism among venture capitalists, with sentiment shifting from secondary markets to primary markets and the VC community. Multicoin Capital co-founder Kyle Samani recently announced his departure, signaling a shift in the investment landscape. DeFiance CEO Arthur expressed skepticism about the viability of the crypto VC model, stating he will focus on businesses with strong cash flow. Additionally, Simon Dedic of Moonrock Capital reported that several major VCs and industry insiders are either doubtful of a market recovery or have redirected their investments towards AI and Web2 stocks.