PitchBook：2025年二季度加密风险投资趋势报告（英文版）

Despite a bullish public crypto market, venture funding for crypto startups fell to a multi-year low, with total investment falling 55% QoQ. Still, strong institutional interest in major cryptocurrencies, record stablecoin circulation, and new US regulatory support provided tailwinds for the vertical. Median deal sizes and valuations for seed and early-stage rounds reached new highs, indicating investors are willing to pay a premium to back technologies monetizing the sector’s momentum.