The first crypto fund launched by Andressen Horowitz in 2019 has lost 40% of its value in the first half of the year. According to unnamed sources familiar with the firm’s crypto fund, a16z has been struggling to persuade investors that it hasn’t overbet on crypto. “I look at entrepreneur and developer activity rather than prices.” That is the primary metric.” Chris Dixon, the head of a16z’s crypto unit, told the Wall Street Journal on Thursday. During the crypto winter, the firm’s activity has been limited. The highly anticipated Aptos Layer 1 has had a rocky start, and former WeWork CEO Adam Neumann’s Flowcarbon has delayed its token launch, according to recent news from a16z’s crypto portfolio.