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 & validation, and decentralized compute networks—absorbed the largest checks and the most investor mindshare, reinforcing a long-term “back the base layer” thesis. Developer tooling continued to attract outsized investor interest (91 “investor touches”) but modest dollar amounts.

Consumer categories showed a pulse: fintech and marketplace plays logged healthy deal counts, albeit with smaller ticket sizes. Tokens, meanwhile, bifurcated. Private sales stayed robust—15 deals, $410 million, median $29.3 million—while public token launches cratered 83 % to $134 million across just 35 events.

Market Narrative: From Spray-and-Pray to Surgical Conviction
On the surface, the data clash: record dollars, record-low deal volume. The reconciliation is simple: investors are no longer carpet-bombing the space. They are writing fewer, fatter checks into teams with clear narratives, protocol-critical roles, and built-in distribution edges. We exited the hype cycle; we entered the inevitability cycle.

Not a single mega-round distorted the data. Instead, the quarter was defined by a dense cluster of $50–250 million rounds in rollup infrastructure, validator-liquidity networks, and mod-core stacks. The market feels smaller—but more serious.

Stage Spotlight: The Return of Series A
After a year in the wilderness, Series A is back. Twenty-seven rounds raised $420 million at a $17.6 million median—real A’s, not “stealth B’s.” These companies possess provable PMF, growing revenues, and polished tokenomics. Seed also rebounded to a $6.6 million median, but only in hot lanes like AI-native infra and validator tooling. Pre-seed held steady at $2.35 million—evidence that the earliest formation stage never disappeared, it merely got choosier.

Funding Heat-Map: Infrastructure vs. Everything Else
Weighted by capital deployed, the sector map reads like a post-consumer reset playbook:

• Infrastructure – $112 million median

• Mining & Validation – $83 million median

• Compute Networks – $70 million median

• Consumer Infra / Asset Management – $11.7–83 million median, straddling deep tech and UX layers

Developer tools, meanwhile, remain a low-capex, grant-driven playground—high investor engagement, small dollar checks. Financial services, entertainment, and marketplaces logged steady deal flow ($6–18 million medians), but volumes remain a fraction of 2021–2022 peaks. Investors haven’t lost interest in consumer apps; they’re waiting for the next product-market unlock.

Token Sale Divergence: Quiet Cap Tables vs. Public Silence
Private token allocations—validator consortiums, L2 treasuries, modular-rollup ecosystems—raised $410 million in just 15 deals, the highest median since 2021. These are strategic, not speculative, rounds: long-term allies buying discounted float with lock-ups, not retail hype.

Public sales, by contrast, evaporated: 35 raises, $134 million, median size halved. Even crowd-favorite launches struggled to pull volume. Sentiment isn’t bearish; it’s watchful. The crowd is waiting for signal, not noise.

Founder Reality Check: Narrower, but Navigable
If 2024 was the year of resuscitation and restructuring, Q2 2025 is the year of quiet execution. Capital is flowing, but only to the few who can articulate why the protocol can’t live without them. Early rounds still close; Series A is open for business; private tokens sit at the negotiating table—provided they align with strategic, scalable, and protocol-critical outcomes.

The path is narrower, not closed. The market no longer rewards potential; it rewards necessity.

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 & validation, and decentralized compute networks—absorbed the largest checks and the most investor mindshare, reinforcing a long-term “back the base layer” thesis. Developer tooling continued to attract outsized investor interest (91 “investor touches”) but modest dollar amounts.

Consumer categories showed a pulse: fintech and marketplace plays logged healthy deal counts, albeit with smaller ticket sizes. Tokens, meanwhile, bifurcated. Private sales stayed robust—15 deals, $410 million, median $29.3 million—while public token launches cratered 83 % to $134 million across just 35 events.

Market Narrative: From Spray-and-Pray to Surgical Conviction
On the surface, the data clash: record dollars, record-low deal volume. The reconciliation is simple: investors are no longer carpet-bombing the space. They are writing fewer, fatter checks into teams with clear narratives, protocol-critical roles, and built-in distribution edges. We exited the hype cycle; we entered the inevitability cycle.

Not a single mega-round distorted the data. Instead, the quarter was defined by a dense cluster of $50–250 million rounds in rollup infrastructure, validator-liquidity networks, and mod-core stacks. The market feels smaller—but more serious.

Stage Spotlight: The Return of Series A
After a year in the wilderness, Series A is back. Twenty-seven rounds raised $420 million at a $17.6 million median—real A’s, not “stealth B’s.” These companies possess provable PMF, growing revenues, and polished tokenomics. Seed also rebounded to a $6.6 million median, but only in hot lanes like AI-native infra and validator tooling. Pre-seed held steady at $2.35 million—evidence that the earliest formation stage never disappeared, it merely got choosier.

Funding Heat-Map: Infrastructure vs. Everything Else
Weighted by capital deployed, the sector map reads like a post-consumer reset playbook:

• Infrastructure – $112 million median

• Mining & Validation – $83 million median

• Compute Networks – $70 million median

• Consumer Infra / Asset Management – $11.7–83 million median, straddling deep tech and UX layers

Developer tools, meanwhile, remain a low-capex, grant-driven playground—high investor engagement, small dollar checks. Financial services, entertainment, and marketplaces logged steady deal flow ($6–18 million medians), but volumes remain a fraction of 2021–2022 peaks. Investors haven’t lost interest in consumer apps; they’re waiting for the next product-market unlock.

Token Sale Divergence: Quiet Cap Tables vs. Public Silence
Private token allocations—validator consortiums, L2 treasuries, modular-rollup ecosystems—raised $410 million in just 15 deals, the highest median since 2021. These are strategic, not speculative, rounds: long-term allies buying discounted float with lock-ups, not retail hype.

Public sales, by contrast, evaporated: 35 raises, $134 million, median size halved. Even crowd-favorite launches struggled to pull volume. Sentiment isn’t bearish; it’s watchful. The crowd is waiting for signal, not noise.

Founder Reality Check: Narrower, but Navigable
If 2024 was the year of resuscitation and restructuring, Q2 2025 is the year of quiet execution. Capital is flowing, but only to the few who can articulate why the protocol can’t live without them. Early rounds still close; Series A is open for business; private tokens sit at the negotiating table—provided they align with strategic, scalable, and protocol-critical outcomes.

The path is narrower, not closed. The market no longer rewards potential; it rewards necessity.