The number of transactions has been cut in half, but the amount per transaction has skyrocketed. VC firms are starting to scrutinize projects more closely, which is actually good for teams that are serious about their work.

According to The Block, Crypto news: in May 2026, the number of crypto venture capital deals fell to approximately 50, the lowest level since 2021. Both the infrastructure and crypto financial services tracks hit multi-year lows, and investors’ attention has shifted to the AI track as the shortage of early, high-quality project supply is the main reason. Despite the decline in deal volume, total funding remained high, showing a “fewer deals, larger amounts” pattern, with the recent $1 billion funding round completed by market platform Kalshi as a typical example. Analysts believe that the low-noise environment may be a window period for projects with clear use cases and genuine traction.