Top venture capital firms in Silicon Valley are retreating from Ethereum treasury stocks, and institutions are beginning to reassess the risks of altcoins.

Peter Thiel's Founders Fund has been quite active recently, quietly reducing its stake in ETHZilla, an Ethereum treasury company. The shareholding ratio has dropped from 7.5% in August to 5.6% now. It may not seem like a significant move, but the timing is quite delicate.
It is important to know that ETHZilla holds over 100,000 Ether, definitely at a whale level. However, even so, top institutions have chosen to retreat. This actually reflects a deeper issue, as the current situation of the entire altcoin market is quite awkward. The latest data from Glassnode shows that only 5% of alts are still in profit, and this number says it all.
The decoupling between Bitcoin and alts is becoming increasingly apparent, with funds accelerating towards BTC. The recent reduction by Founders Fund is likely sounding the alarm for other institutions holding similar assets. Even assets of Ethereum's caliber are experiencing very weak valuation premiums in the current macro environment. #加密市场观察