PANews reported on June 3 that according to Cointelegraph, in May 2025, the volume of cryptocurrency venture capital transactions fell to the lowest level of the year, with only 62 rounds of financing completed, a new low since January 2021. Although the number of financing rounds decreased, the total amount of financing still reached US$909 million, making it the second largest month of financing this year, second only to the 78 rounds of US$2.89 billion in March. Market analysts pointed out that the cooling of investment was mainly affected by three factors: first, the volatility of the cryptocurrency market price. Bitcoin continued to fluctuate after reaching its peak in January, and in late May, the volatility intensified due to uncertainty in tariff policies; second, the macroeconomic environment. The Federal Reserve maintained a high interest rate policy, which led to widespread pressure on risky assets; and finally, the seasonal factors of the industry. Summer is traditionally an off-season for investment.

It is worth noting that while venture capital is cooling down, M&A transactions are still active. On May 8, Coinbase Global acquired Deribit for $2.9 billion, setting a new record for the size of M&A transactions in the cryptocurrency field. Industry insiders expect that with the end of the third quarter, investment activities will pick up again after the traditional "summer mode".