According to data from PitchBook on October 9, global venture capital investment in cryptocurrency startups in the third quarter fell to the lowest level since 2020, down 63% from the same period last year. This quarter, venture capital firms invested only $2 billion in the cryptocurrency field worldwide, which is only a small part of the funds they invested during the boom of the crypto industry. PitchBook analyst Robert Le said: We don't see large transactions anymore. Smaller transaction size is one of the driving factors for the decline in overall investment transactions. Large fundraising activities during the crypto bull market have benefited companies such as exchange FTX, NFT market OpenSea, and NFT creator Yuga Labs. Now, the retreat of venture capital may force companies that are already cutting costs and laying off employees to make difficult choices. Robert Le said: If crypto startups cannot raise a round of funds, even if the valuation is reduced, they cannot raise funds, they will either go bankrupt or be acquired at a much lower valuation.