The post below has also been posted on Twitter by the Head of Delphi Labs Jose Macedo. You can read the thread on Twitter here: https://x.com/ZeMariaMacedo/status/1805581517466239472
Many of these assets have active sellers but very few have bids even at ~70% below market price (we’re talking standard SAFTs with a 1yr cliff + 2/3yr vest). In terms of volume, my very rough estimate based on speaking to various brokers is that there’s been ~$100m in combined SAFT volume. Considering these are assets with cumulatively tens of billions of dollars of unrealised gains unlocking over the next few years, this is basically dust.
To be clear, what you’d want to see for “bullish unlocks”to happen is as low an unrealised gains to market cap ratio (UG2MC) as possi