Only 150 unique venture capital firms participated in crypto funding rounds in July 2024, the lowest monthly count since November 2020, according to CryptoRank data. Participation has plummeted 87% from the May 2022 peak when 1,177 investors wrote checks into crypto rounds in a single month. In the second quarter of 2024, 651 firms participated in crypto rounds, down about 75% from 2,564 firms in Q2 2022. Smaller funds, family offices and angel syndicates that crowded into rounds during 2021 and 2022 have largely exited, leaving a concentrated circle of established firms leading deals. Despite the pullback, Dragonfly closed a $650 million fourth fund in February, showing that large firms continue to back infrastructure and real-world asset plays.
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