It still feels like a bear market, and VC funding has obviously cooled down. But when I look at the data, the total crypto financing in 2025 has skyrocketed to $49.75 billion, more than quadrupling compared to the previous year. Where does this gap come from? A closer look reveals the answer—out of the $50 billion in funding, the majority is not from ordinary projects, but from acquisitions and mega funding deals that have taken a large share. Top projects with over $1 billion dominate most of the funding, leaving little for small and medium projects. So, the current funding market is forming a very typical [barbell structure]: very fat on both ends, very thin in the middle. Either top-tier projects are thriving, or micro startups are struggling to survive, while mid-tier projects find it hard to get funding. This polarization will become more obvious in 2025.