Wu reported that co-founder of Framework Ventures, Vance Spencer, stated that with the Sky token now unlocked from restrictions, most early-stage institutions have fully liquidated or significantly reduced their holdings: Paradigm (7%), a16z (6%), Bain (2-4%), Syncracy (1%) have all sold out; Dragonfly (about 4-5%) and Parafi (about 3-4%) hold only a small amount of positions left. Vance said that, according to his understanding, Framework is currently the only VC still holding a large amount of Sky tokens.