Monthly deal activity returned to levels seen before 2021 as funding cooled amid investor shifts toward AI, though total capital held up better than deal count.
Crypto venture capital activity slowed sharply in May, with monthly deals dropping to about 50, a level last seen before 2021. The pullback was broad across the sector, with infrastructure and crypto financial services also hovering near multi-year lows. Investor attention has structurally shifted toward AI, while total funding did not fall as sharply as deal count, suggesting consolidation rather than a broad market contraction.