PANews reported on January 2nd that, according to Nansen's monitoring, Multicoin and Version One led the total profit/loss (PnL) rankings for the second half of 2025 with profits exceeding $17 million each, followed closely by DeFiance Capital. Furthermore, the repeated appearances of a16z, Pantera Capital, and Coinbase Ventures on the list highlight the continued activity of institutional investors over the past six months.