[The Number of Active Crypto Venture Capital Firms Drops to 150, Hitting a New Low Since 2020] According to The Defiant, CryptoRank data shows that only 150 venture capital firms participated in crypto project funding rounds in July, marking the lowest monthly figure since November 2020. This represents a decline of approximately 87% compared to the peak of 1,177 firms in May 2022. Small funds, family offices, and angel alliances have largely exited, leaving a handful of established firms dominating transactions. Quarterly data points to the same trend—around 651 firms participated in crypto funding in Q2, a drop of approximately 75% compared to 2,564 firms in Q2 2022. The decrease in active firms does not necessarily indicate a reduction in capital—large funds are still supporting infrastructure and RWA projects. For instance, Dragonfly completed its fourth fund of $650 million in February this year.