Analysis: Crypto Venture Deals Concentrate Capital, with Top 7 Rounds Making Half of Q3’s $4.6B Haul

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Crypto venture capital activity in Q3 revealed a trend of concentrated investment, with $4.65 billion raised across 414 deals.

A deep dive into the numbers shows that just seven of those deals—including raises from Revolut ($1B) and Kraken ($500M)—accounted for half of the total capital invested.

This concentration powered the quarter to become the second-strongest since the FTX bankruptcy, representing a 290% quarter-on-quarter jump.

Despite the overall positive figure, Galaxy Digital’s Alex Thorn cautions that the market is still not at its 2021-2022 bull levels. However, he describes the environment as “active and healthy,” with consistent pre-seed activity and continued interest in sectors like AI and blockchain infrastructure.