In its newly launched State of Crypto report, a16z is bullish about the future of crypto despite its ongoing decline in markets globally.

There are few firms as central to financing crypto as venture capital firm Andreessen Horowitz (a16z), which over the past few years has raised billions of dollars to become a major backer of projects that make up “web3.” On Tuesday, a16z released its inaugural State of Crypto report, which attempts to paint a hopeful picture of the industry amid a brutal crash that has wiped out $1 trillion over six months but ends up acknowledging that crypto is in for “dark days.”

“Markets are seasonal; crypto is no exception. Summers give way to the chill of winter, and winter thaws in the heat of summer,” a16z writes early in its summary of the annual report. “Advances made by builders during dark days eventually re-trigger optimism when the dust settles. With the recent market downturn, we may be entering such a period now.”

This is a familiar sentiment not just at a16z, but across the industry. On a disappointing earnings call and in its letter to shareholders, Coinbase still struck a triumphant tone and insisted it was focused on long-term growth.

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