Monthly crypto venture deal count fell to roughly 50 in May, a pre-2021 level, with infrastructure and crypto financial services both near multi-year lows. The funding market is not dead; it is concentrating, with big checks still landing when investors see category-defining companies like Kalshi. For builders, that means less 2021-style noise, but a much higher bar for utility, traction, and investor conviction.

TLDR by @Benthic

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