Winter signal? No, it's reshuffling. As hot money floods into AI, only the true builders remain. Concentration at the top means survivors will gain excess resources, and the infrastructure for the next cycle is currently taking shape.

In May, the number of venture capital deals in the cryptocurrency industry dropped to about 50, reaching a new low since 2021. Funding activities in traditional hot sectors such as infrastructure and crypto financial services are also near multi-year lows. The report suggests that the main reasons for the decline in deal volume are investors' continued shift of attention toward AI and the reduced supply of high-quality early-stage projects in the crypto industry. However, the total amount of financing has not decreased significantly at the same time, with funds further concentrating on a few leading projects. (The Block)