The crypto market is sluggish, and most top venture capital firms' AUM has shrunk significantly.

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Deep Tide TechFlow News: On April 16, according to Fortune, during the 2025 crypto market downturn, leading crypto venture capital firms such as Paradigm, a16z, and Multicoin generally saw their assets under management shrink. Among them, a16z’s four crypto funds saw AUM drop by nearly 40% from 2024 to $9.5 billion, but it had already allocated capital to LPs at market highs; the first crypto fund’s DPI reached 5.4, with strong performance in returns. Multicoin’s AUM, meanwhile, was cut in half from its peak to about $2.7 billion. Pantera Capital also completed exit distributions through IPOs of five invested companies, including Circle and BitGo. In spite of the headwinds, Haun Ventures’ AUM grew by more than 30% year over year to about $2.5 billion. Currently, institutions such as Paradigm, a16z crypto, and Dragonfly are actively raising new funds, with a combined target size exceeding $4.2 billion.

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