According to Cryptopolitan, the crypto VC market in 2025 has undergone a clear structural shift. Total funding for the year surged 433% year-on-year to $49.75 billion, while the number of disclosed deals fell 42% to 898. Capital is moving away from a “spray-and-pray” approach toward a highly concentrated focus on a small number of large-scale projects and strategic transactions. December data is particularly illustrative: while the number of deals remained broadly stable, monthly funding totaled only $860 million, indicating that annual funding figures were largely driven by mega-rounds and M&A activity, rather than a broad-based recovery in early-stage investment. By sector, DeFi (22.4%) remains the largest recipient of capital, followed by CeFi (13.8%) and AI (12.7%). RWA and DePIN are gradually emerging as structural themes with stronger medium-term certainty. At the same time, exchange consolidation, enterprise-level financing, and balance-sheet-driven crypto allocations are reshaping the industry landscape. 2025 is not a year of “more projects,” but a cycle defined by greater capital concentration, higher entry barriers, and a stronger bias toward scale and strategic value.