According to Blush Capital Management Director Silvia, Crypto Venture Capitalists are returning their risk appetite, avoiding the hot taste of the month, and more critical on investment.
“Now the VCS is very careful now. This is not just a story game, before you throw a check and say.”
“Then, after that, you have created all these new chains,” he said, explaining that the market is scattered and many funds are being deployed in new layer 1s and new infrastructure, which is no longer viable.
“Who is using it?” What is the main question, says
“We are at a stage where you do not have the luxury to bet on these new stories,” he added, adding that there is now a lot of critical lens in investment.
“You really have to start thinking, all this is being built in the infrastructure industry, but who is using it? Is there enough transactions? Is there plenty of chains that can justify all the money collected?”
To say that in 2025, many projects are raising funds and often unlawful prices, and relies heavily on cash flow estimates in the future.
“The potential revenue and pipeline has not been strengthened,” he said it has been “a slow year”.
Q2 2025 decreased crypto startup funding
Eva Ober Holzar, chief investment officer of the VC firm E -JNA Capital, recently echoed similar sentiments.
Uber Holzer told Contelle Graf on September 1 that VC firms have been very selected with crypto projects in which they invest, which represent the previous cycle due to market maturity.
“This is more about the expected revenue models, institutional dependence, and non -refundable adoption,” said Uber Holzar.
Related: Crypto VC firm Architea has shut down the initial stage funds $ 100m
The latest Galaxy Research VC report states that crypto and blockchain startups have collected $ 1.97 billion in 378 deals in the second quarter of 2025, which represents a 59 % reduction in the fund and a 15 % reduction in the deal counting against the previous quarter.
Overall, total venture capital investment in Crypto was $ 10.03 billion over the three months ended in June.
Leading the pack, an asset manager, founded by US business and politician Vivek Ramswamy, received $ 750 million in May to establish a “alpha -producing” strategy through Bitcoin -related purchases.
Magazine: Hong Kong’s peeling Chinese crypto firms believe it is
