Venture capitalists: There are probably fewer than 20 VCs still investing in seed rounds in the industry.

ME News message. On April 13 (UTC+8), Tom Dunleavy, Venture Capital director at Varys Capital, posted on X saying that over the past six months, the financing environment in the cryptocurrency market has changed in a truly astonishing way. In the past, if a VC wanted to invest in a good project, it had to constantly do networking, write content, appear on podcasts, participate in Spaces, and promote its investment logic—plus it would have to make countless calls every week… But now, as long as there’s money available to deploy, that’s enough. Now, projects are “pushed in front of VCs,” instead of VCs actively digging for them; as long as others know you have funds, the projects will come to you on their own.

Most VC institutions are currently in one of the following three states: they’ve run out of money, they’ve shifted to later stages (Series A and beyond), or they’re fundraising (but not smoothly). What used to take 2–3 weeks to complete now often drags on for 2–3 months. Projects whose business models are questionable, or simply ones that straightforwardly copy the latest hot narrative, can no longer secure new funding or follow-on investments (this is a good thing). In reality, the number of institutions that are still truly doing pre-seed / seed round investments may be fewer than 20. VCs can basically comfortably pick the projects they want to invest in, and they have more time to conduct due diligence.

This round of the investment cycle for 2025 and 2026 is very likely to become a historic “golden opportunity,” but the prerequisite is that VCs are able to persist and stay in the game. (Source: ODAILY)