The number of crypto venture capital deals has plummeted to a five-year low. VCs ruined crypto. Ever since VCs got involved, the entire crypto space has made no progress—just an endless stream of high FDV projects draining retail investors' wallets. It's been 6 years, and 90% of the industry is still relying on projects from 6 years ago. Basically, VCs have provided zero value other than grabbing money.