PANews reported on November 25th that, according to a research report released by Galaxy Digital on Monday, total venture capital investment in the crypto industry reached $4.65 billion in the third quarter of 2025, a 290% increase quarter-over-quarter, marking the second-highest level since the FTX crash in 2022 (the highest being $4.8 billion in the first quarter of this year). A total of 414 deals were completed this quarter, with seven large deals, including Revolut's $1 billion funding round and Kraken's $500 million funding round, accounting for half of the total funding. US companies received 47% of the investment, while Singaporean and UK companies received 7.3% and 6.8%, respectively. Research Director Alex Thorn pointed out that stablecoins, AI, and blockchain infrastructure continue to attract capital, but as the industry matures, the proportion of pre-seed investments is gradually declining.

Venture capital activity over the past two years has remained below the levels seen during the 2021-2022 bull market. Thorn analysis suggests that factors such as waning interest in sectors like gaming and NFTs, the diversion of funds to the AI sector, and the interest rate environment have collectively contributed to the stagnation in venture capital. Meanwhile, compliant investment channels like spot ETFs are competing with traditional venture capital firms for institutional funding.