PitchBook-加密风险投资趋势（英）

EMERGING TECH RESEARCHCrypto VC TrendsVC activity across the crypto ecosystemQ12025REPORT PREVIEWThe full report is available through the PitchBook Platform.CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 2ContentsQ1 2025 Crypto VC TrendsInstitutional Research GroupAnalysisRobert Le Senior Research Analyst, Cryptocurrency and Insurtech DataHarrison Waldock Data Analystpbinstitutionalresearch@pitchbook.comPublishingReport designed by Josie Doan, Drew Sanders, and Chloe LadwigPublished on May 13, 2025Crypto landscape3Crypto VC ecosystem market map4VC activity5Crypto VC deal summary16CONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 3Q1 2025 Crypto VC TrendsCryptolandscapeBlockchain networksInfrastructure & developer toolsAccessWeb3DeFiCONFIDENTIAL. NOT FOR REDISTRIBUTION. PG 5Q1 2025 Crypto VC TrendsVC activityQ1 2025 was a reminder that crypto is no longer an island; macroeconomic crosscurrents now steer 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 the Nasdaq. We believe those drawdowns were less about fundamentals and more about the sudden repricing of geopolitical risk after the new US administration signaled a harder line on trade. That shift tightened global liquidity just as crypto investors were still digesting the late-2024 election rally, 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 circulation expanded from $202.3 billion to $227.1 billion during the quarter, adding $25 billion even as headline 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 remain that VC investments in the near term could see a step-up increase, especially in payment, remittance, and treasury-management startups that 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 institutional demand for real-time proof-of-reserve tooling, custody redundancies, and middleware that abstracts away key-management complexity. Startups addressing those vectors should find a more receptive funding environment despite the broader valuation reset.Source: PitchBook • Geography: Global • As of March 31, 2025Crypto VC deal activity$0.6$1.2$2.2$5.4$3.4$4.3$24.9$30.3$10.3$10.6$6.02132955171,2971,0361,0812,9233,5351,9942,00540520152016201720182019202020212022202320242025Deal value ($B)Deal countSource: PitchBook • Geography: Global • As of March 31, 2025Note: Token liquidity events are not included.Crypto VC exit activity$0.0$0.0$0.2$1.2$0.3$0.6$68.0$1.4$1.3$1.1$0.628102537448279871013120152016201