Mars Finance reports that the total amount of crypto venture capital in 2025 reached $18.9 billion, up from $13.8 billion in 2024, but the number of deals plummeted by 60% to approximately 1,200, with funds highly concentrated in later-stage projects. Digital Asset Vault (DAT) raised about $29 billion, attracting a large amount of institutional capital. Early-stage financing has significantly slowed, mainly due to reduced available VC funds, institutional investors' preference for AI projects, and regulatory clarity driving mature companies to expand rapidly. Several investors expect a mild recovery in early-stage funding in 2026, but the barriers remain high, with investors focusing more on fundamentals rather than narratives. Clearer US regulations are seen as a key catalyst. Investment hotspots are concentrated in stablecoins and payments, institutional-grade infrastructure, prediction markets, RWA tokenization, and DeFi. There are disagreements in the intersection of crypto and AI, with some believing the hype is ahead of reality.