Headline Snapshot Venture dollars surged to $9.6 billion, the second-highest quarterly total on record—yet only 306 deals were publicly disclosed, the fewest since mid-2023. Capital is concentrating in fewer, larger bets; the median Series A hit $17.6 million, its loftiest mark in two years, while the median seed round jumped to $6.6 million, signaling renewed confidence in early-stage teams.Infrastructure Reigns, Consumer Flickers Infrastructure sub-sectors—cryptocurrency protocols, mining &...