Crypto VCs invested $4.52B across 296 deals in Q3. But the interesting part is where the money went. 76.5% of capital went to later stage companies, while trading, exchanges, investing and lending alone attracted $2.37B. Meanwhile, pre seed and seed made up almost 45% of all deals, but received only around 6% of total funding. So early stage crypto isn’t dead. Capital is just becoming much more selective. And I think this matters for liquid investors. A successful crypto company doesn’t automatically mean a successful token. More value is increasingly being captured by businesses, shareholders and products rather than native tokens. Crypto VC is maturing. The question now is not just what grows. It’s who actually captures the value. h/t: @galaxyhq