The venture capital activity in the crypto industry was on decline from late 2022 before seeing the first uptick in Q1 2024.
The volume of crypto VC funding in Q1 2024 surged for the first time since the start of the crypto winter in 2022.
Venture capital activity in the cryptocurrency industry has seen an uptick in early 2024, marking a potential revival of investor optimism following the bear market. According to data from “The 2024 Crypto Spring Report” by Chainalysis, Q1 2024 was the first quarter that saw a quarter-over-quarter increase in crypto investment since early 2023. According to the firm, the dynamics may signal a shift in the investment landscape in the crypto industry.. After nearing the $10 billion mark in Q4 2022, quarterly crypto funding volumes declined below $2.0 billion in Q2 2023.
In Q1 2024, crypto VC volumes edged up for the first time since 2022, nearing $2.5 billion. The median deal size has also recovered since a sharp decline in Q4 2022, consistently hovering around the $10 million mark.Though VC activity in crypto declined overall in 2023, the industry saw a number of significant deals over $100 million, including early-stage deals that took place in Q3 2023 and into Q1 2024.
According to Chainalysis, the biggest deals were made by the blockchain interoperability projects Wormhole and the Decentralized Physical Infrastructure Network called Together.ai.investment at a valuation of $2.5 billion in November 2023, while Together.ai raised a total of $225 million as well, the report notes.
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