Cryptocurrency investment trading fell to its lowest level in 2025, with analysts pointing out that a combination of market-specific factors and macroeconomic factors is the reason for the weakened venture capital (VC) activity.
According to data from the crypto analysis platform RootData, only 62 rounds of financing were completed in May, marking the lowest monthly total since January 2021.
Despite the decline in the number of transactions, these 62 investments raised over $909 million, making it the second-best month of the year in terms of value, only behind March, which saw 78 rounds of financing totaling $2.89 billion.
This slowdown may be the "combined effect of market prices and sentiment," as both "peaked at the end of January, only rebounding in April, and then fluctuating since May 23 due to worsening tariff rhetoric," said Aurelie Barthere, chief research analyst at the crypto intelligence platform Nansen.
Patrick Heusser, head of loans at Sentora and a former investment banker, pointed out that the "macroeconomic backdrop is challenging," along with "persistently high policy rates, a volatile bond market, and new tariff headlines, making it harder for risk assets to complete new mergers and acquisitions (M&A) transactions":
"Most of the transactions we are seeing are consolidation activities, a pattern that typically emerges after the market cools or prices fluctuate over the long term."
He added that the performance of most crypto assets has been disappointing so far this year, further exacerbating the lack of investment interest, while Bitcoin (BTC) "stands out as a rare highlight."
Despite the decrease in VC transactions, M&A activity remains strong. Coinbase Global acquired Deribit for $2.9 billion, with the exchange announcing this traditional M&A deal on May 8.
Barthere from Nansen stated, "I also see many large transactions being conducted through traditional liquidity channels," adding that more regulatory clarity in crypto will benefit "direct transactions between large companies and protocols, away from the VC market."
According to RootData data cited by Blockworks, this $2.9 billion deal set a historical high for crypto M&A.
Marcin Kazmierczak, co-founder and COO of blockchain oracle company RedStone, noted that the slowdown in VC transactions may also reflect a "seasonal pattern" in May and June.
"Macroeconomic conditions do play a role, but I expect activity to pick up again as we enter early Q4; historically, this is the best time for deal-making and when investors return from summer mode," he told Cointelegraph.
Related: VC Overview: Twenty One investors inject $100 million into Bitcoin (BTC) treasury, Jump Capital supports Securitize
Original article: “Despite raising $909 million in May, crypto VC deals hit a new low in 2025”
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