According to @akshat_hk, an LP commitment of $100,000 in an early-stage token fund fell to $56,000 over four years under a 3 percent management fee and 30 percent carry structure, while BTC doubled and many seed deals delivered 20x to 75x, indicating severe net-of-fee underperformance, source: X post by @akshat_hk on Nov 3, 2025, https://x.com/akshat_hk/status/1979259734524912091. Based on those figures, the outcome implies roughly negative 13.5 percent annualized performance and about 3.6x underperformance versus simply holding BTC over the same period, source: X post by @akshat_hk on Nov 3, 2025, https://x.com/akshat_hk/status/1979259734524912091. He labels this elite-level underperformance, noting vintage matters but asserting most early-stage crypto funds have grown too large for a small pool of true winners and that LPs need better at-scale deployment options, source: X post by @akshat_hk on Nov 3, 2025, https://x.com/akshat_hk/status/1979259734524912091. Trading takeaway: in this sample, passive BTC beta outperformed a fee-heavy early-stage token fund net of fees, emphasizing fee drag and scaling constraints as key allocation risks to monitor, source: X post by @akshat_hk on Nov 3, 2025, https://x.com/akshat_hk/status/1979259734524912091.