Active Crypto VC Firms Drop 87% From 2022 Peak

Crypto VC activity hits lowest level since 2020 with only 150 firms active in July, down 87% from the 2022 peak of 1,177.

Woofun AI data shows that active independent venture capital firms in crypto fell to 150 in July, marking an 87% decline from the May 2022 peak of 1,177. This represents the lowest participation level since November 2020.

Dragonfly managing partner Haseeb Qureshi suggests the sector may be entering a "last funds" phase as market share concentrates among mature platforms. He notes that by 2030, most significant crypto companies may already exist, limiting disruption opportunities. Qureshi also warns that startups built on platforms like Hyperliquid resemble dealers rather than durable businesses if distribution channels remain controlled by the host.