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Like a tenacious<\/span> balloon, no matter how hard crypto gets knocked down, it tends to float back up again. I\u2019ve found that to be true in all the years I have covered the decentralized market and economy since 2013.<\/p>\n Still, the latest crypto bust is starting to look a little different.<\/p>\n The Exchange explores startups, markets and money. <\/em><\/strong><\/p>\n Read it every morning on TechCrunch+<\/a> or get The Exchange newsletter<\/a> every Saturday.<\/em><\/strong><\/p>\n After a lengthy downturn \u2014 a crypto winter<\/em>, if you want \u2014 blockchains and their constituent tokens and services seem to be on a rebound. Data paints the picture: Spot trading volumes reached a 12-month high earlier this month<\/a>, the total value of crypto tokens has appreciated materially<\/a> in recent months, and even NFTs<\/a> are showing signs of life.<\/p>\n Adding to the count, the recent launch of spot bitcoin ETFs<\/a> shows that in the critical United States technology market, the legal system may remain more crypto-positive<\/a> than elsewhere in the world<\/a>. China<\/a> and India<\/a> come to mind.<\/p>\n Yet, despite the run of positive news, venture capitalists\u2019 interest in web3 startups continued to decline in Q4 2023, dipping further underneath a severely depressed third-quarter figure. This begs the question: When will VCs turn the spigots back on?\t\t\t<\/em><\/p>\n<\/div>\n