Crypto VC funding collapses 75% in April — just $660M across 62 deals.

April's crypto venture funding came in at $660 million across 62 deals, a roughly four-fold drop from March's $2.6 billion across 84 rounds. That makes it the weakest monthly total in over a year, and a stark signal that institutional risk appetite has pulled back sharply.

The magnitude of the decline — not just in dollar volume but in deal count — suggests this isn't a single large round skewing the numbers. Fewer checks written at lower sizes points to broad-based caution across the VC community, not a one-off anomaly.

Whether this reflects macro jitters, post-cycle digestion, or a structural re-rating of crypto startup valuations remains to be seen. But a single month this quiet tends to ripple into Q3 pipeline.