Analysts point to a combination of crypto and macro-specific factors, paired with the “seasonal patterns” of summer illiquidity as the main reasons for slowing investor appetite.
Cryptocurrency investment deals fell to their lowest point of 2025, as analysts cited a mix of market-specific and macroeconomic factors behind weakening venture capital (VC) activity.
Only 62 rounds were completed in May, a monthly low last seen in January 2021, according to data from crypto analytics platform RootData.
Despite the drop, the 62 investment rounds still raised more than $909 million, making it the second-best month of the year by value, trailing only March’s $2.89 billion across 78 rounds
