Abundant Capital
I agree, at present, capital is abundant. That is, at the moment:  Σ(capital available) > Σ(investment opportunities)

And this imbalance of demand for and supply of investment opportunities is showing up everywhere as... asset price inflation.You can see it in rising angel valuations, rising early-stage VC valuations, rising later-stage VC valuations, rising growth-equity valuations, rising leveraged buyout valuations, rising stock market valuations, rising cryptocurrency prices, rising home prices, etc. Feeding frenzies and bidding wars for high quality assets have become more and more common. Asset prices keep going up and up and up...The multi-trillion-dollar question:Is this sustainable?