It's just that too much money was thrown out in the last round, and there are too many vested interests that need to pull back funds. The project party is being chased by VCs, and VCs are being chased by LPs. These projects must go public and are trying every means to harvest liquidity. However, when the time comes when no one is willing to catch a falling knife, it may be when we see truly good projects in the crypto world raising millions of dollars in valuation that the altcoin market will come.