Crypto VC observations

Many Asian VCs either closing down or unable to raise new funds + letting employees go / employees left for a better future
Meanwhile US funds aggressively hiring to expand their team and continue to raise fresh funds
Other trends worth noting:
• US companies captured over 70% of capital and 43.5% of deals in Q1 2026
• AI eating both the talent and LP attention; some funds have even pivoted to investing solely in AI and/or robotics (quantum next?)
• 2020-22 vintage funds are out of capital and expected to closed by 2026
• Token model broke, which is why LPs won't recommit funds. Projects cannot raise on some dreamy vision anymore. Low-float high-FDV launches underperformed, secondary markets punished projects, and the absence of DPI distributions made LPs cautious
• Series B+ capital surged ~1,020% YoY while pre-seed eased back ~38% --> focus shifted to high-conviction mega-rounds
• Capital concentrated into trading/exchange (perp dex) infra, stablecoins, RWA, prediction markets; no more fancy X to earn or muh shiny L1