Key TakeawaysJack Yi says early-stage investing has become more difficult since 2022–2023.Shorter liquidity cycles previously made it easier to realize returns post-launch.Changes in token unlocks and circulation structures reduced attractive opportunities.Yi has scaled back early-stage investment activity in response.Early-Stage Crypto Investing Faces Structural ChallengesDuring his Binance Square AMA, Jack Yi said early-stage crypto investing has become significantly more challenging following shifts in market structure after 2022–2023.Speaking during a Binance Square livestream, Yi noted that the investment landscape has changed materially compared to earlier cycles.Faster Liquidity Cycles Previously Supported ReturnsAccording to Yi, earlier market conditions favored primary-market investors.Projects typically had:Shorter development and listing cyclesFaster access to liquidity post-launchClearer pathways to early returnsThis environment allowed investors to realize gains more quickly once tokens began trading.Tokenomics Changes Reduce Opportunity SetYi highlighted that recent changes in token design and distribution have altered the risk-reward profile.Key shifts include:More complex token unlock schedulesIncreased circulating supply dynamicsReduced scarcity at launchThese factors have limited upside potential and made it harder to identify high-quality early-stage opportunities.Investor Activity Pulls BackAs a result of these changes, Yi said he has gradually reduced his exposure to early-stage deals.He described the space as “not as easy as it used to be,” reflecting a broader shift toward more cautious capital deployment.Selectivity Replaces Broad ParticipationThe comments reflect a maturing crypto investment environment where:Easy early-stage gains are less commonLiquidity conditions are tighterInvestors must be more selectiveFor market participants, the shift signals a transition from opportunistic early-stage investing toward more disciplined and selective strategies in a changing market structure.