In 2024, venture capital financing in the crypto sector increased by 28% year-on-year, reaching $13.7 billion, but it has not yet returned to historical peaks. Top crypto venture capital firms believe that funding in 2025 will primarily flow to startups that demonstrate strong product-market fit. According to data from The Block Pro, crypto venture capital financing in 2024 saw significant growth, up 28% year-on-year, reaching approximately $13.7 billion. Although this performance is an improvement compared to 2023, it has not yet recovered to previous historical highs. Looking ahead to 2025, top crypto venture capital firms hold a cautious yet optimistic outlook for the future. While most believe that funding levels are unlikely to return to the highs of 2021-2022, there is a consensus in the industry that startups showcasing strong product-market fit and having a real user base will find it easier to attract capital.

Dragonfly: Focused on DeFi, CeFi, and stablecoins, expecting financing growth but struggling to return to high points.
Pantera: Bullish on crypto AI, DePINs, and new Layer 1s, reminding that bull markets do not last forever.
Multicoin: Continued optimism for the Solana ecosystem, believing it outperforms Ethereum.
Coinbase Ventures: Focused on on-chain economy, laying out applications layer, optimistic about pro-crypto policies in the U.S.
Binance Labs: Centered on fundamentals and user adoption, emphasizing the practical application scenarios of projects.
Galaxy Ventures: Bullish on the future of stablecoins and tokenization, believing stablecoins demonstrate strong fit in the payment space.
Hashed: Prudent layout, expanding global investments, focusing on data infrastructure and institutional-level DeFi applications.
Hack VC: Betting on crypto AI, infrastructure, and DeFi, believing decentralized physical infrastructure networks have potential.
Portal Ventures: Supporting platforms that combine infrastructure and applications, believing market sentiment will recover.
Blockchain Capital: Focused on stablecoin infrastructure and DeFi, maintaining a flexible investment strategy.