Sylvia To, a director at Bullish Capital Management, stated that crypto venture capitalists are lowering their risk appetite, avoiding chasing "the hottest trend of the month," and examining investment opportunities with a more rigorous perspective.
In an interview with Cointelegraph at Token2049 in Singapore, she said, "Venture capital is now more cautious and no longer just following concept hype. In the past, you could just write a check and say, 'Here’s another L1, it will be an Ethereum (ETH) killer,' and you could invest."
Sylvia explained that a large number of new chains emerged in the market, with significant funds poured into new Layer 1 and infrastructure projects, but these projects are now unviable, and the market has become highly fragmented.
"The key question is, who is using it?" Sylvia pointed out. "We have entered a stage where we can no longer afford to simply bet on these new concepts. Investment must now be more rigorous."
She added, "You have to start thinking about the fact that so much infrastructure has been built in the industry, but who is using it? Are there enough transactions on these chains? Is the traffic sufficient to support the funds raised?"
Sylvia also mentioned that in 2025, many projects were financed at overvalued and often unreasonable valuations, heavily relying on future cash flow projections.
Sylvia stated, "Their potential revenue and project reserves have not stabilized," and added that this year "development has been relatively slow."
Eva Oberholzer, Chief Investment Officer of venture capital firm Ajna Capital, recently expressed views similar to those of Sylvia To.
In an interview with Cointelegraph on September 1, Oberholzer stated that venture capital firms have become more selective when investing in crypto projects, reflecting cyclical changes brought about by market maturation.
She noted, "There is now more focus on predictable revenue models, institutional dependency, and irreversible adoption."
Galaxy Research's latest venture capital report shows that in the second quarter of 2025, crypto and blockchain startups raised a total of $1.97 billion through 378 deals, a 59% decrease from the previous quarter, with the number of deals down 15%.
Overall, in the three months ending in June, the total venture capital in the crypto space reached $10.03 billion.
Among the financing leaders, asset management firm Strive Funds, founded by American entrepreneur and politician Vivek Ramaswamy, raised $750 million in May to establish an "alpha return" strategy through Bitcoin-related investments.
Related: JPMorgan and Citigroup predict Bitcoin (BTC) will see a surge in the fourth quarter: latest target price released
Original article: “Bullish Capital executives say: Crypto venture capital is more cautious, not blindly following popular concepts”
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