Pre-seed crypto deals have fallen off a cliff — by quarter: Q4 ’24: 345 Q1 ’25: 117 Q2 ’25: 104 Q3 ’25: 55 Q4 ’25: 31 Q1 ’26: 5 source: the block
Interestingly, DeFi made a roaring comeback in Q4 2025, pulling in $3.67bn in funding. DeFi accounted for 40.7% of all crypto deals in Dec 2025.
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