I think you hit the nail on the head with: "incestuous cycle of crypto funds" which outside of crypto-world would be called a Ponzi Scheme. I suspect that if s

I think you hit the nail on the head with: "incestuous cycle of crypto funds" which outside of crypto-world would be called a Ponzi Scheme. I suspect that if suddenly a large number of investors were to sell their holdings for USD, then the value of those tokens would plummet. BTW $120M for a16z is a small gamble. Probably a hedged position in their portfolio.