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![Trace_Cohen Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::13955342.png) Trace Cohen [@Trace_Cohen](/creator/twitter/Trace_Cohen) on x 20.3K followers
Created: 2025-07-25 03:10:25 UTC

As the secondary market grows, more capital is going toward existing assets rather than funding new startups.

Continuation funds and structured SPVs now attract the dollars that once backed early-stage founders and emerging managers.

Liquidity is important, but when it becomes the default, we lose momentum on what’s next.


XXX engagements

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**Related Topics**
[momentum](/topic/momentum)
[primary market](/topic/primary-market)

[Post Link](https://x.com/Trace_Cohen/status/1948581576301850819)