Crypto deal-making activity has collapsed dramatically in July, with only 44 deals announced compared to 355 in Q1 2026. This represents a drop of more than 50% in activity pace, from roughly four deals per day to one and a half. Of those 44 deals, 41 were fundraising rounds, two were acquisitions and one was a debt financing arrangement. The current context, marked by Bitcoin trading between $60,000 and $62,000 and massive ETF outflows, partly explains this investment freeze. This decline should impact the pipeline of new projects expected between 2027 and 2028.
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