The 2025 blockchain primary market shows a trend of 'less quantity, higher quality': 839 funding events with a total scale of $23.7 billion. The number of deals dropped by 33.6%, but the funding scale doubled. CeFi became the biggest winner, raising $11.2 billion, an increase of nearly 8x year-over-year. Meanwhile, Web3 gaming faced a cold winter, with funding slashed in half to $308 million. As traditional financial infrastructure receives massive investments in the Web3 space, this might signal that institutional capital is redefining the value boundaries of blockchain.