Could be. Market is experiencing a lot of down fall and these VCs are pobably saving some funds to be not able to liquidated their asset slowly. We can see some exited due to potential fear but of course, there are wrong factors such as project investment mistakes. Its not like they are careless about it but of course they are trying to save as much as fund as possible to be safe in a bear market.
Indeed, the down of cryptocurrency market could force some VC's to liquidate their assets to cover the loses.
But for some VC's with big reserve funds on their hands, i think they can bear this market with their reserve funds.
Next year would be a better market if we could stand still in this year market, many VC's will enter crypto too.