PitchBook：2025年第一季度加密风险投资趋势报告（英文版）

Q1 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 tighten