$300B in Q1 and 80% of it landed in AI — four mega-rounds (OpenAI, Anthropic, xAI, Waymo) ate $188B alone. Meanwhile crypto venture deal count dropped from 724 in Q1 2024 to 97 this quarter. a16z is out raising a $2B fifth crypto fund into the thinnest deal pipeline in years, which tells you more about LP appetite for brand-name allocation than actual builder activity on-chain.

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