🐳 In 2025, the most active venture players in crypto by number of deals were Coinbase (87 investments), Animoca Brands (52), and YZi Labs (40).

High activity was also recorded from Amber Group, GSR, and Pantera Capital, highlighting a clear market shift away from rare mega-rounds toward frequent, targeted bets.

Context: This pattern reflects a more cautious and selective venture environment. Funds are spreading risk across multiple early- and mid-stage projects, focusing on infrastructure, tokenization (RWA), stablecoins, and revenue-generating protocols, rather than chasing hype-driven valuations.

Overall, venture capital in crypto is transitioning from narrative-driven investing to portfolio-style capital deployment with stricter fundamentals and faster feedback cycles.