Crypto VCs expect disciplined funding in 2026

Crypto venture funding in 2025 held steady in dollar terms but became heavily concentrated in later-stage deals.

Early-stage crypto startups faced one of the toughest funding environments in years as deal counts fell sharply.

Digital asset treasury companies absorbed a large share of capital, drawing funds away from traditional venture bets.

Investors said institutional adoption pushed money towards proven models rather than early experimentation.

I did not expect the concentration in capital towards DATs.

Mathijs van Esch said.

Venture capital firms reported reduced dry powder as fundraising slowed after underperformance versus bitcoin.

Clearer regulation helped mature companies scale faster, contributing to capital clustering.

Stablecoins, exchanges and market infrastructure attracted the strongest investor interest.

Analysts said the AI boom diverted attention and capital away from crypto startups.

Most VCs expect early-stage funding to recover modestly in 2026 but remain far below prior cycle peaks.

The bar for new investments will remain much higher.

Quynh Ho said.

Investors forecast continued focus on fundamentals, traction and clearer exit paths.

Stablecoins and payments were cited as the most consistent growth theme entering 2026.

Token sales re-emerged in 2025 but were viewed as complementary rather than a replacement for venture funding.

Market discipline is expected to remain a defining feature of crypto investment in 2026.

At the time of reporting, Bitcoin price was $92,975.82.