Kalshi’s $1 billion—“those 1 billion bucks”—has effectively “welded shut” the four words “small amount, big money.” Now, anyone without real chops can’t even get into the meeting room.

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.