I’m not sure that’s true. Semafor reported that a16z's returns were 15x at the beginning of 2022 [1]. Obviously that’s probably lower now but the reason they were so high is that they got inside access to their companies’ tokens and dumped them on retail before the crash. Crypto has been an upward transfer of wealth on an unprecedented scale.

[1] https://www.semafor.com/article/11/16/2022/andreessen-passed...