Everyone’s talking about how cold funding is. I’m watching who’s still putting money in. In October, 155 institutional investors participated in crypto funding, up 16% month over month. That’s the second consecutive monthly increase since hitting bottom in August.
The buzz is beside the point.
The question is where those 155 investors came from: on the same basis, there were 353 in October 2025, so the current figure is still 56% lower. This isn’t a recovery—it’s a second uptick after the low. The ones stepping back in are institutions, not retail investors; the increase is happening in early-stage rounds, and the positions shown on the chart are these funds gradually buying in.
Only two figures are moving in this data: one month over month and one year over year, and they’re moving in opposite directions. Looking at either one alone could easily lead you to the wrong conclusion.
If this figure falls back to August’s low in November, or stops growing for a second consecutive month, this assessment is invalidated.
The buzz is beside the point.
The question is where those 155 investors came from: on the same basis, there were 353 in October 2025, so the current figure is still 56% lower. This isn’t a recovery—it’s a second uptick after the low. The ones stepping back in are institutions, not retail investors; the increase is happening in early-stage rounds, and the positions shown on the chart are these funds gradually buying in.
Only two figures are moving in this data: one month over month and one year over year, and they’re moving in opposite directions. Looking at either one alone could easily lead you to the wrong conclusion.
If this figure falls back to August’s low in November, or stops growing for a second consecutive month, this assessment is invalidated.
