According to Michaël van de Poppe, venture capitalists are shifting their focus towards liquid markets rather than Pre-TGE investments due to the higher risks associated with early-stage ventures. Van de Poppe emphasizes that many founders mistakenly believe that VC rounds should align with the listing Fully Diluted Valuation (FDV), but VCs require a risk discount to justify their investment. This trend signals a cautious approach by investors, prioritizing liquidity and market-ready projects over speculative early-stage opportunities. Investors should consider these insights when exploring cryptocurrency ventures.