Traditional fundraising in crypto has a structural flaw: it rewards speculators over believers.

The theory sounds perfect—if everyone just holds, everyone wins. But that's where theory meets reality. Holding demands conviction, and conviction is rare when uncertainty dominates.

What actually happens? The initial thesis holds for a while. Then doubt creeps in. One person sells. Then another. And suddenly the narrative flips. What looked like a collective commitment becomes a race to the exit.

It's not about malice. It's about incentives. When the upside feels distant and downside feels immediate, even true believers start questioning. The structure itself lacks the glue to keep people aligned through the tough stretches.

This is why selling pressures build from the inside—not because holders don't want to stay, but because the system never gave them reasons strong enough to actually stay.