Data: Leading crypto VCs are still actively deploying, and DeFi circuit financing hits a new low in recent years

Comparatively, according to CryptoRank, the overall crypto venture capital market has been running low since 2025, but leading institutions such as Coinbase Ventures, Animoca Brands, Andreessen Horowitz (a16z crypto), and Tether are still active. Among them, Coinbase Ventures participated in about 33 transactions, Animoca Brands about 19, and a16z crypto about 18 transactions.

Overall, the total monthly financing scale has fluctuated in the range of hundreds of millions of dollars to several billion US dollars. Early rounds account for a relatively high proportion, and funding is more concentrated on early project screening and structural opportunities. Meanwhile, VC investment in the DeFi circuit has been declining for three consecutive quarters. The amount of investment in the current quarter fell to its lowest level since the fourth quarter of 2023, and the DeFi financing round in the second quarter of 2026 also hit a new low since 2020, indicating that capital screening of DeFi projects has become stricter, and the circuit has entered a deep inventory game stage.