PANews reported on April 16th, citing Fortune, that leading crypto VCs such as Paradigm, Pantera Capital, a16z crypto, and Multicoin generally saw their assets under management (AUM) shrink during the 2025 market downturn. a16z crypto's four crypto funds saw their AUM drop by approximately 40% to $9.5 billion from 2024 to 2025, partly due to large-scale fund redemptions to LPs from its first three funds, and allegations of concentrated allocations during the 2025 market peak, with the first fund achieving a net DPI of 5.4. Pantera also allocated funds to investors after the IPOs of five companies, including Circle and BitGo. Multicoin's AUM fell from its peak to approximately $2.7 billion, affected by the FTX collapse and the significant Bitcoin correction since October 2024. In contrast, Haun Ventures' AUM increased by over 30% year-on-year to approximately $2.5 billion, and it raised a new $1 billion fund in 2025.