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Tiger Research: Q3 crypto VC shifts to strategic deals as seed rounds hit 2024 low

  • —M&A: 37 deals in Q3 vs 36 in Q2, disclosed value down 83%
  • —Seed rounds fell to 15% of deals, lowest since 2024, count down 28%
  • —DeFi investment dropped 71%, sector share down to 3.0%
  • —Infrastructure share doubled from 8.1% to 18.2%, driven by AI deals
Why it matters: The report shows crypto VC capital rotating toward licenses, payments and tokenization rather than new L1/L2 networks and early-stage token projects.
#BTC
Source: ChainCatcher 链捕手
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