According to CryptoPotato, recent research by crypto market intelligence company Messari shows that cryptocurrency fundraising in the third quarter of 2023 fell to the level of the last quarter of 2020. According to the Cryptocurrency Fundraising Status report, both the amount of funds raised and the number of transactions last quarter hit new lows. The total amount of funds raised in the third quarter was less than $2.1 billion, with a total of 297 transactions, a 36% drop in both categories compared to the second quarter of 2023. Messari researchers found that most of the transactions in the third quarter were concentrated in the early stages: pre-seed, seed and Series A investments. Seed financing is the largest stage, with approximately $488 million raised in 98 rounds. Over the past three years, investors have shifted from late-stage projects to early-stage projects, which is reflected in the number of transactions allocated to each stage in the third quarter. In addition, strategic fundraising transactions have continued to increase in the bear market. These rounds have received a lot of funds from companies and private equity transactions. The total funding share of strategic deals increased from 0.2% in Q4 2021 to 22% in Q3 2023, indicating that unfavorable market conditions led projects to raise short-term bridge rounds or be acquired by larger projects. In terms of industry funding in Q3, chain infrastructure, gaming, and decentralized finance (DeFi) sectors emerged as the most funded industries. Chain infrastructure accounted for the largest share of capital, accounting for 18%, while DeFi recorded the highest number of transactions, and the gaming industry received approximately $250 million in investment.