1 big thing: Where's the crypto top?

Sam Bankman-Fried's FTX and Anthony Scaramucci's SALT brought the star firepower to an invite-only event on all things crypto in the sunny Bahamas last week.

State of play: Some 2,000 people attended Crypto Bahamas, which featured not only conversations about dealmaking and the development of various protocols, but a panel with Bill Clinton and Tony Blair; parties with Steve Aoki, Katy Perry and Orlando Bloom; and even a tour of a ship with child star Brock Pierce.

Of note: For some attendees, the opulence of the event reflects how crypto's fortunes have become disconnected from the broader venture capital industry and raises the question: Where is the crypto top?

• "Valuations in crypto across the board are way too high," Amy Wu, who runs FTX's $2 billion venture fund, said on stage during a panel with Lucinda.
• "It's priced in right that people think there is 100x more to go — or even more in this industry. And yet, we haven't seen a lot of those use cases yet," she added.