Crypto VC Paradox: Record Billions Flow In While Deal Count Craters — What the Great Consolidation Means for Web3's Future
When crypto venture capital funding doubled to over $34 billion in 2025, headlines celebrated the industry's comeback. But beneath the surface, a quieter transformation was underway: deal volume collapsed by roughly 40–50%, average round sizes ballooned 272% to $34 million, and a handful of mega-raises swallowed the majority of capital. Welcome to the Great Consolidation — the era where more money chases fewer bets, and the spray-and-pray playbook is officially dead.