Crypto VC funding is still selective

The cleanest signal is the 2021–2022 peak: quarterly capital reached roughly $12B, while deal count went above 1,300. Since then, the market cooled hard. Q1 2026 is still well below that cycle, even after the 2025 rebound.

• Q1 2026: roughly $4B invested across 355 deals
• Q1 2022 peak: about $12B and 1,300+ deals
• 2025 brought a capital spike, but not a matching deal-count recovery

That’s the kind of funding backdrop that makes marketing budgets more defensive: less slack, more scrutiny, and more pressure to prove conversion. It fits the shift toward proof-driven distribution.

Data source: Galaxy Research

Related read: Web3 Marketing in 2027: Adapting to bear market budgets
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