In 2025, there was a significant concentration of capital in cryptocurrency venture capital, with digital asset fund (DAT) raising approximately $29 billion, attracting institutional investments in early-stage startups. Although the total traditional venture capital increased from $1.38 billion in 2024 to $1.89 billion, the number of deals dropped sharply by about 60% to 1,200 transactions. Investors pointed out the scarcity of new venture capital, the focus on mature industries such as stablecoins and infrastructure, and competition from artificial intelligence in challenging early-stage environments. Looking ahead to 2026, venture capital is expected to see a mild recovery in early-stage activity driven by regulatory clarity and a renewed focus on fundamentals. Stablecoins, institutional infrastructure, and tokenization of real-world assets remain key bullish themes.