Readers, I fear the answer, but at the very least, I can report one trend: Venture firms focused on blockchain investments are raising again, although not quite like it’s 2021. 

The pre-seed crypto venture fund Portal Ventures is close to the final close of its second fund, a $75 million vehicle that its founder and general partner, Evan Fisher, tells me was oversubscribed to the tune of $90 million. An August SEC filing reflects an initial fund target size of $70 million, although Portal later decided to expand the cap by another $5 million. 

Portal’s new fund is the latest in a string of recent raises across crypto funds, including Hack VC and the funds of funds Lennertz and Accolade. The latter is an investor in…