In May, the number of crypto venture capital deals hit a five-year low, with about 50 transactions, an 80% drop compared to the same period in 2021.

This is not market coldness; it’s capital redefining what is “worth investing in.”
The AI sector has absorbed a large amount of hot money, while crypto project narratives are aging, and compliance thresholds are rising.
Venture capitalists are now screening targets based on “whether they generate real revenue.”
The era where white papers and communities alone could secure funding is over.
More importantly, capital differentiation is not a short-term phenomenon.
With the MiCA grace period ending and the US regulatory roadmap unveiled, compliance costs are rising, small teams are dropping out, and leading projects are more likely to gain institutional backing.
Counter risks: Capital centralization may lead to innovation stagnation, new protocols lacking early support, and a decline in on-chain ecosystem diversity.
If venture capital only pursues certainty, the “experimental” foundation of crypto will be weakened.
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