The surge in private asset valuations is reshaping investment landscapes. Skyrocketing paper gains are luring waves of fresh money and inexperienced players into deals that were once exclusive territory. It's textbook market behavior: when numbers climb fast enough, FOMO kicks in hard. The influx raises critical questions though—are we seeing genuine value creation, or just price discovery driven by liquidity chasing returns? Web3 and crypto veterans know this pattern well. We've watched it play out in token launches, NFT collections, and DeFi protocols. New money rarely asks the right questions before jumping in. The real test comes when sentiment shifts and valuations face a reality check. Worth paying attention to where this cycle goes.