加密风险投资趋势2025

EMERGING TECH RESEARCH Crypto VC Trends VC activity across the crypto ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Crypto landscape3 Institutional Research Group Crypto VC ecosystem market map4 Analysis VC activity5 Robert LeSenior Research Analyst,Cryptocurrency and Insurtech Crypto VC deal summary16 Data pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie Doan,Drew Sanders, andChloe Ladwig Published on May 13, 2025 Cryptolandscape Blockchain networksInfrastructure & developer toolsAccessWeb3DeFi VC activity Q1 2025 was a reminder that crypto is no longer an island; macroeconomic crosscurrents nowsteer venture sentiment as much as protocol road maps do. The total crypto market cap fell from$3.4 trillion to $2.8 trillion, mirroring the 4.6% pullback in the S&P 500 and the 10.4% slide in theNasdaq. We believe those drawdowns were less about fundamentals and more about the suddenrepricing of geopolitical risk after the new US administration signaled a harder line on trade. Thatshift tightened global liquidity just as crypto investors were still digesting the late-2024 electionrally, resulting in a quarter-long giveback of gains across most liquid tokens. Yet beneath the surface, capital continued to seek crypto’s core utility rails. Stablecoin circulationexpanded from $202.3 billion to $227.1 billion during the quarter, adding $25 billion even asheadline token prices retreated. In our view, this divergence underscores a growing consensus:Dollar-denominated settlement remains crypto’s killer application, insulated—at least partially—from broader risk-off moves.Our expectations remainthat VC investments in the near term couldsee a step-up increase, especially in payment, remittance, and treasury-management startupsthat directly monetize stablecoin velocity. The quarter also delivered a stark reminder of operational risk, with the $1.4 billion Bybit exploit—the first and only 10-digit hack in history. We believe the incident will accelerate institutionaldemand for real-time proof-of-reserve tooling, custody redundancies, and middleware thatabstracts away key-management complexity. Startups addressing those vectors should find amore receptive funding environment despite the broader valuation reset. Source: PitchBook • Geography: Global • As of March 31, 2025Note: Token liquidity events are not included. VC ACTIVITY Meanwhile, retail speculation cooled in Q1. Memecoin volumes collapsed, particularly on Solana,driving a measurable net migration of SOL liquidity to other ecosystems. Our view is that thisrotation is cyclical rather than structural; opportunistic capital simply chased higher nominalyields on alternative chains once Solana’s order-book depth thinned. Still, reduced retail flowtranslated into softer investment momentum for consumer-facing applications tied tomeme-token trading—a trend we expect to persist until a fresh catalyst emerges. exit comp, potentially reopening the pre-IPO crossover window that has been largely shut sincelate 2022. A strong roadshow could therefore crowd in new late-stage capital and reset valuationexpectations upward across the payments and infrastructure stack. Taken together, Q1 2025 was a quarter of consolidation rather than capitulation. Market betaturned negative, but venture-relevant signals—stablecoin growth, infrastructure de-risking, anda credible IPO pipeline—remain intact. That combination sets the stage for a more selective,fundamentals-driven deployment environment in the quarters ahead, rewarding founders who canshow real traction and investors who stay disciplined on price. Looking ahead, Circle’s pending IPO represents the most important price-discovery event forcrypto equity since Coinbase listed in 2021. A print materially above the rumored $4 billion to $5billion range could validate the stablecoin business model and provide VC investors with a tangible VC ACTIVITY Source: PitchBook • Geography: Global • As of March 31, 2025 Source: PitchBook • Geography: Global • As of March 31, 2025 VC ACTIVITY About PitchBookIndustry and TechnologyResearch PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Research and Market IntelligencePaul CondraGlobal Head of Private Markets ResearchJames UlanDirector of Research, Emerging Technology Industry and Technology Research team PitchBook’s Industry and Technology Research team providescomprehensive updates on over 20 different coverage areas.Visit our websitefor the full list. Independent, data-driven, and timely market intel As the private markets ecosystem continues to grow in complexity and competition, investors needtools and data that can give them an edge. Kazi Helalkazi.helal@pitchbook.com Eric Bellomoeric.bellomo@pitchbook.com Our Industry and Technology Research provides detailed analysis of established industries and nascenttech sectors from the perspective of private market dealmaking, helping