Foresight framed the latest shift in crypto venture capital as an industry inflection point, centered on a simple question: why has the once-reliable SAFT model stopped working? The brief points to a change in how investors are approaching early-stage crypto deals. Instead of leaning on token issuance and arbitrage expectations, the market is moving toward a fresh review of project quality.
The source does not provide additional data, named firms, or deal details. What it does make clear is the direction of travel. A model once treated as a dependable path to returns is no longer being described that way, and the focus is moving back to how projects themselves are judged. In that sense, the note presents the current moment less as a routine market adjustment and more as a reshuffling phase for crypto VC.
Foresight described the current phase in crypto venture capital as a new reshuffling cycle, with the central issue framed around why the SAFT model, once seen as a reliable way to make money, has stopped working.
The brief source ties that shift to a broader turning point for crypto VC. The focus is no longer simply on token-launch arbitrage. It is moving toward a renewed assessment of project quality.
A move away from token arbitrage
In Foresight’s framing, the change is not just about pace or market conditions. It points to a reset in how projects are evaluated. The earlier logic built around token issuance gains is losing force, while project fundamentals are being brought back into view.
The source did not disclose further details.

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