Bitcoin rose 43% in Q3. Crypto startup deal count fell 24%.
The quarter, by the numbers:
• Venture deals: 296, down 24% vs Q2 (Galaxy Research)
• Capital invested: $4.519B, down 20% vs Q2 (Galaxy Research)
• Late-stage share of dollars: 76.5% (Galaxy Research)
• Pre-seed and seed: 44.9% of deals, only 6% of dollars (Galaxy Research)
• New crypto-focused funds raising: 3, about $1.3B, the fewest since Q3 2019 (Galaxy Research)
• $BTC in Q3: +43% (Tiger Research)
My read: the rally paid the coin, not the builders. Money is going to scale, and the early-stage layer is getting thin. Trackers count differently (CryptoRank saw 127 deals), so compare trends, not totals.
Disclosure: Write to Earn may pay me a commission on cashtag trades. #CryptoVC #Bitcoin
The quarter, by the numbers:
• Venture deals: 296, down 24% vs Q2 (Galaxy Research)
• Capital invested: $4.519B, down 20% vs Q2 (Galaxy Research)
• Late-stage share of dollars: 76.5% (Galaxy Research)
• Pre-seed and seed: 44.9% of deals, only 6% of dollars (Galaxy Research)
• New crypto-focused funds raising: 3, about $1.3B, the fewest since Q3 2019 (Galaxy Research)
• $BTC in Q3: +43% (Tiger Research)
My read: the rally paid the coin, not the builders. Money is going to scale, and the early-stage layer is getting thin. Trackers count differently (CryptoRank saw 127 deals), so compare trends, not totals.
Disclosure: Write to Earn may pay me a commission on cashtag trades. #CryptoVC #Bitcoin