This would assume a linear growth in users I guess? I'd be interested to know if this is the case. I have followed Levine for a few years but I feel like he kind of exploded in popularity at some stage over the last couple of years.
There weren't a lot of sources back then that were informed enough, accessible enough, and took those announcements as seriously as they deserved but no more.
Anyway I was working in tech but nowhere near crypto at that time and started seeing his newsletter shared around a lot among coworkers and my peer groups around then. Not surprising if he picked up a lot of long term readers from it.
Subjectively the one that appeals most to me, is that the fund has an investment strategy built around their ability to identify and capture very specific types of opportunities - and that there are only so many of them globally in any given year. This puts an upper bound to how much the fund even can invest, because their strategy works for scenarios that are limited both in size and frequency.