2026-01-05 06:24:37

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.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

8 Likes

Reward
8
7
Repost
Share

Comment

0/400

GasFeeCrier

· 15h ago

Hmm... it looks like the big players are again cutting the leeks, with 50 billion fully eaten up by the top projects. Our mid-tier projects are really struggling to survive in the gaps. Mid-level projects are even more ridiculous; fundraising difficulty has actually increased. The surge data looks good, but it doesn't help small teams at all—it's purely false prosperity. The polarization statement is so accurate: it's either win big or die, with no middle ground. 497.5 billion sounds intimidating, but in reality, it all flows to the top few projects, while everyone else is just drinking northwest wind.

View OriginalReply0

MidnightSeller

· 01-05 06:53

This data looks outrageous—49.75 billion, but middle-tier projects can't get a share? It's a classic game for the wealthy.

View OriginalReply0

GweiWatcher

· 01-05 06:52

Wow, this barbell structure is just squeezing the middle layer. The most difficult stage for entrepreneurs.

View OriginalReply0

RugpullTherapist

· 01-05 06:50

It seems that the big players are once again hoarding, and the projects in the middle are really too difficult.

View OriginalReply0

NullWhisperer

· 01-05 06:46

barbell structure is just wealth concentration with extra steps, honestly. mega rounds eating 90% while midtier projects starve—technically exploitable market dynamics but yeah, this is how it always goes.

Reply0

DegenDreamer