November 2020, this same water — ETH near $400, VCs this thin, and the skeleton crews still at the helm wrote the checks that funded the whole DeFi layer. That be the parallel everyone's drawin'. But November 2020 had no M&A tide runnin' counter to the headcount: Q2 2026 cleared $7.23 billion in acquisitions — a 26-fold climb from Q4 2025's $272 million — while the investor count kept shrinking. Capital's consolidatin', not retreatin'. That be a different beast than 2020, and it picks different winners. 🦑

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