Every Zipp story tagged #CryptoVC, newest first.
Only 150 unique VCs wrote checks in July, an all-time low outside the 2020 trough. Capital isn't leaving crypto; it's consolidating into fewer, more selective funds.
Deal count is the surface read; the heavier signal is that Coinbase, Animoca, a16z and Tether all stayed aggressive while late-stage capital pulled back, keeping the early-stage pipeline alive.
Animoca's 19, a16z's 18 and Tether's 15 round out the top tier, painting a picture of venture activity concentrating inside a few repeat backers rather than dispersing across the field.
Unique investor counts are the cleanest cycle signal: a six-year low in Q2 says capital is concentrating into fewer hands, not the space contracting outright.
The week closed with 22 rounds and nearly $861M deployed. The headline is Ionic Digital's $400M, but a $288M acquisition of Bitbank by SBI Group does the heavier structural work.
The 54th edition of The Funding flags a quiet rotation: crypto-native funds are stepping further into AI and other verticals as deal flow at home stays thin.
The 2022 peak of 2,564 active quarterly investors is now four times the current count, a sign that venture capital is consolidating into a smaller, more specialized core rather than broadening out.
651 active crypto investors in Q2 2026 is a rounding error next to the 2022 peak of 2,564, and the shape of the pullback matters more than the headline number.
Roughly 50 deals a month puts the industry back to pre-2021 levels — but Kalshi's $1B round is the reminder that selective capital is concentrating in category leaders, not disappearing.
A Lemniscap-led round closed 3x oversubscribed, with $1M earmarked as payout reserve — Hypernova wants to rewrite the B-book incentive problem that haunts every retail prop firm.
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