Under the downward pressure of the market in 2025, the life of top cryptocurrency VCs will not be easy -a16z crypto AUM has shrunk by about 40% compared to 2024 to $9.5 billion, and its four cryptocurrency funds have entered the repayment cycle in the first three phases. The net DPI of the first phase of the fund reached 5.4, but there are doubts about its concentrated distribution at a high level. -Pantera Capital With the listing of five post investment projects including Circle and BitGo, the allocation rhythm has officially begun, and the exit channels are gradually being opened up. -Multicoin AUM has significantly declined from its peak to $2.7 billion, and the combined impact of FTX thunderstorms and BTC's high-level pullback since October 2024 continues to suppress the scale under dual pressure. -Haun Ventures Breaking through against the trend, AUM increased by more than 30% year-on-year to 2.5 billion, and completed 2.5 billion in 2025, 2.5 billion in 2025, and 1 billion in new fund raising in 2025, becoming one of the few highlights of this cycle. Data source: Fortune