Just checked the latest VC funding numbers and the crypto crashes are getting harder to ignore. April was brutal for crypto startups—only $659 million raised, down 74% from March's $2.6 billion. That's the worst month since July 2024, and it's showing how cautious investors have become. The whole market's been squeezed since October 2025 when things were still flowing at $3.84 billion per month. Now we're seeing this steady decline as liquidity dries up.

DeFi protocols are still getting the most attention with 12 funding rounds in April, followed by blockchain services and AI crypto projects with 8 each. GSR's been the most active, dropping money into Legend Trade and a few other DeFi plays. L1 Digital also made some decent moves with investments in Exponent and Squads. But overall, the crypto crashes in VC funding reflect what we're seeing across the board—everyone's pulling back and being way pickier about where the money goes. Year-to-date we're at $5.64 billion, which honestly feels light given how optimistic things looked a few months ago.