Cryptocurrency industry financing data for the third quarter of 2023 showed that total financing was less than $2.1 billion, involving 297 transactions, a 36% decrease from the previous quarter. Among them, the proportion of early-round transactions has increased, and strategic financing transactions have steadily increased in the bear market. Public chain infrastructure, DeFi and gaming areas continue to be the most abundant areas of financing. Infrastructure projects receive greater funding relative to user-facing applications. Financing in the third quarter was relatively scattered across various tracks, with public chain infrastructure accounting for 18%, DeFi leading the way with 67 transactions, and the gaming field attracting nearly US$250 million in investment. Crypto investing is still dominated by more tail investors, with Binance Labs being by far the most active investor.