March VC funding nearly tripled thanks to major CeFi raises, even as total disclosed crypto deals fell 29% month-over-month and 61% year-over-year, per RootData.

RootData’s March 2025 venture capital report shows a sharp divergence between total capital raised and the number of crypto deals completed. According to the analysis published by WuBlock, total disclosed crypto funding reached about $2.883 billion in March 2025, nearly tripling month over month from roughly $967 million in February 2025, and rising more than 150% compared with March 2024. At the same time, only 74 publicly disclosed deals were recorded, down about 29% versus February and over 61% year over year from 191 deals in March 2024. The author notes that figures may be revised as additional rounds are reported later, but the directional trend is clear: more money is being concentrated into fewer transactions. The report attributes the surge in total funding primarily to a small number of large centralized finance (CeFi) rounds, especially centralized exchanges and payment platforms. In March’s top 10 largest raises, 7 were CeFi platforms, and a single transaction—Abu Dhabi MGX’s $2 billion minority-stake investment in Binance on March 12—dominated the month’s total. Sector allocation by deal count still showed meaningful activity in DeFi (27%), CeFi (14.9%), AI (14.9%), RWA/DePIN (14.9%), as well as NFT/GameFi, L1/L2, and tools/wallets, but the absolute number of deals contracted across the board. For market observers, the data indicates that late-cycle, large-ticket CeFi deals can distort headline funding totals even as broader early-stage and mid-sized venture activity in crypto continues to slow on both a monthly and annual basis.

✨ AI-generated background, compiled from web sources — not editorial content.

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