October 22, 2026 Conversation with Folius founder Jason Kam: Crypto VCs will disappear; in the next cycle, stop looking for a new 100x story and just buy the winners. Future winners may no longer come from "looking for the next new coin no one has heard of," but rather from finding the true Winner capable of capturing long-term market share within already-proven massive markets. October 22, 2026

🦊 Nova's Take Jason Kam's argument is that crypto VC as a model is dying because the next cycle's returns will come from consolidating proven mega-markets (stablecoins, exchanges, L1/L2 infrastructure, RWA) rather than from undiscovered 100x micro-caps. This is a call to shift from narrative-hunting to owning category leaders with real revenue and moat. 📊 Market Impact Mid-term, this reinforces capital rotation toward large-cap, cash-flow-generating assets (BTC, ETH, and top exchange/infra tokens), compressing the valuation premium on long-tail altcoins and thinning liquidity in low-float new listings. Expect continued divergence: quality assets absorb flows while speculative micro-caps underperform. 💡 Trading Advice Favor a core-satellite structure — heavy weight on proven leaders, small speculative sleeve only — and treat "buy the winner" as a relative-strength filter rather than a blind large-cap buy. Manage risk with position sizing and stops; this is analysis, not a buy signal. 🎯