From 2564 to 651, the VC winter is colder than imagined. Who will ignite the next cycle?

CoinWorld News, Wu Shuo learned that according to data platform Cryptorank, in the second quarter of 2026, the number of active cryptocurrency investors globally (mainly institutional or venture capital participants) fell to 651, far below the all-time high (ATH) of 2,564 in 2022. This figure is only higher than the same period in 2020 (quarterly participants ranged between 250 and 450), hitting a new low in nearly six years. Analysis points out that this trend indicates venture capital in the cryptocurrency space is increasingly concentrating among a small group of professional investors, while overall market participation remains far below the peak levels of the previous cycle.