Crypto venture capitalists return their appetite, avoid the hot taste of the moon and apply a more critical lens to investments, according to Bullish Capital Management Director Sylvia in.
“VCs are more careful now. This is not just a narrative. Before you can throw a check and say, oh, there is another L1 but it will be an Ethereum killer,” the cointelegraph said during a sit-down interview with token2049 in Singapore.
“Then, you see all the new chains that make up,” he said, explaining that the market has become a fragment and that many funds have been deployed to new layers 1 and new infrastructure, which will no longer live.
“Who uses it?” is the important question, says to
“We are at a stage where you do not have that luxury just to bet on these new narratives,” he said, and added that investment now requires a more critical lens.
“You have to start thinking, there is all this infrastructure built in the industry, but who uses it? Are there enough transactions? Are there enough quantities coming into these chains to justify all the money raised?”
To say that in 2025, many projects have are raising funds With inflated and often unjust values, which is highly relied on the hopes of cash flow.
“The potential income and the pipeline they got are unstable,” said, adding that it was “a slow year.”
Crypto start funding refused Q2 2025
Eva Oberholzer, the chief investment Official to VC firm Ajna Capitalrecently shouted a similar emotion to.
Oberholzer told Cointelegraph on September 1 that VC companies have been More selective In the crypto projects they invested, representing a transition from the previous cycle due to market maturity.
“This is more about unpredictable revenue models, institutional dependency, and irreversible adoption,” Oberholzer said.
Related: Crypto VC firm Archetype closes $ 100m early stage fund
Latest VC Report of Galaxy Research Crypto and Blockchain startups have been shown Raised a total of $ 1.97 billion in the entire 378 deals in the second quarter of 2025, representing a 59% decline in funding and a 15% collapse in the deal count compared to the previous quarter.
In general, the total venture capital investment in crypto costs $ 10.03 billion in three Moon ending in June.
Leading the pack, strive funds, an asset manager founded by American businessman and politician Vivek Ramaswamy, That -secure $ 750 million in May To establish “Alpha-Form” techniques through Bitcoin-related purchases.
Magazine: Hong Kong is not the loophole that Chinese crypto companies think it is
