On January 2, PANews reported that according to Nansen's monitoring, in the total profit and loss (PnL) rankings for the second half of 2025, Multicoin and Version One each achieved profits exceeding $17 million, leading the list, followed closely by DeFiance Capital. Additionally, multiple appearances by a16z, Pantera Capital, and Coinbase Ventures highlight the continued active participation of institutional investors over the past six months.
Multicoin and Version One Earn Over $17M in Q3-Q4 2025, According to Nansen
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Summary
Institutional adoption continues to shape the crypto market, as on-chain data from Nansen reveals that Multicoin and Version One earned over $17 million in Q3-Q4 2025. DeFiance Capital closely followed, with a16z, Pantera Capital, and Coinbase Ventures also frequently appearing in the top PnL rankings. Institutional adoption remains a key driver, with on-chain data showing strong participation from major players in the second half of 2025.
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