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This is actually not true.
VCs may not want to buy ETH. But that's for different reasons.
That's because they can't justify charging their LPs 2/20 just to buy and hold ETH while ETFs (and soon staking ETFs) exist.
This is also why most VCs gravitate towards alt L1 ecos.
25.4.2025
I personally think this dynamic – investing in Ethereum apps but not ETH – will continue to play out in venture and liquid markets.
As the Fat App Thesis cements itself, investors will look to own top tier EVM applications but hesitate to own ETH until the value accrual story changes.
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