[Crypto VC Deal Volume Drops to Five-Year Low, Investors Become More Cautious] Odaily Planet Daily News: Data shows that in May, the number of monthly venture capital deals in the crypto industry dropped to around 50, returning to pre-2021 levels when the industry was much smaller in scale. The contraction in deals is seen across almost all categories, with infrastructure and crypto financial services—previously the most active sectors—also nearing multi-year lows. The report attributes the cooling of financing to two main factors: first, investors' attention and funds have increasingly shifted toward AI, structurally squeezing financing in the crypto sector; second, the crypto industry currently lacks the abundance of highly attractive early-stage projects that emerged during the 2021 and 2024 cycles, leading investment institutions to become more selective and cautious.