The VC fundraising in the encryption industry will exceed 10 billion USD in Q2 2025, marking the strongest recovery period in three years.

The total fundraising amount in the global Crypto Assets market will exceed $10 billion in the second quarter of 2025, setting a new high in nearly three years. Behind this is the shift in U.S. policy towards support and continuous influx of institutional funds, marking that the Crypto industry is entering a new round of structural recovery cycle.

Global Crypto Assets Financing Surpasses One Billion Dollars, Industry Restructuring Accelerates According to the latest report released by the data platform CryptoRank, the total amount raised in the global crypto market exceeded $10 billion in the second quarter of 2025, marking the highest quarterly level since 2022. This is not only an important signal of the industry's recovery but also signifies a systematic return of market confidence.

One of the important factors supporting this round of recovery is the significant shift in U.S. government policy. After experiencing regulatory uncertainty and even a hostile attitude from 2022 to 2023, the new government has injected "new oxygen" into the market, creating conditions for funds to flow back in.

Capital structure has changed, later projects are favored Unlike the previous bull market phase where investment was concentrated in early concept projects, this round of financing shows a more mature direction of capital flow. The rapid increase in later-stage financing proportions indicates that investors are more inclined towards projects that have already demonstrated product capabilities, user growth, and revenue models.

At the same time, IPOs and merger transactions have also become active, highlighting that the industry is gradually evolving from "startup laboratories" to mainstream financial technology companies. For example, the acquisition of DeFi projects by crypto exchanges and infrastructure companies like Circle entering the US stock market both demonstrate that crypto financing is gradually becoming "mainstream."

Investors today place more emphasis on sustainability and actual operational metrics, rather than short-term hype. This maturation of capital flow is driving the entire market towards a Web3 ecosystem powered by real users and products.

Market Transformation: From Laboratory to Financial Ecosystem As the number of users of Web3 product services has surpassed millions, the trend of the crypto industry moving from a "technology testing" platform to a global fintech ecosystem has become increasingly clear. Landmark events such as Circle's IPO, PayPal issuing stablecoins, and Ripple promoting the compliance of RLUSD further deepen this trend.

Future Trends: Token Dominance, Rise of Liquidity Risk Capital Pantera Capital investor Mason Nystrom recently published a series of analyses on X (formerly Twitter) regarding the changing landscape of Crypto Assets VC. He pointed out that tokens will gradually replace the traditional structure of "tokens + equity" and become the main investment tool.

At the same time, traditional fintech VCs are also entering the Crypto space in large numbers, focusing their investments on payment platforms, digital banks, and tokenized assets. He pointed out that "Fintech VCs that do not transform into Crypto will gradually be eliminated."

Another important trend is the rise of "Liquid Venture". Participating in early investments through highly liquid tokens allows for more flexible capital inflows and outflows, making governance mechanisms more efficient. For example, Metaplanet has included Bitcoin in its treasury, while Fenbushi Capital holds Ethereum as a long-term strategy.

Nystrom summarized: "As the trend of asset tokenization strengthens, more and more enterprises will prioritize on-chain capital structures, and the crypto financing model is reshaping the global capital markets."

Conclusion In 2025, global crypto financing reached a three-year high, symbolizing the industry's transition from an adjustment period to a reconstruction period. Favorable policies, institutional funds, and the transformation of financial technology are the main catalysts. However, projects that can truly transcend cycles must possess a clear strategy, technical execution capability, and continuous innovation ability. The future of Web3 belongs to "strong operational" teams that can implement and generate revenue.