深潮：币圈 VC 正迎来生死关口？

Core Insights - The prominent crypto VC ABCDE, founded by Du Jun, announced the cessation of new project investments and second-phase fundraising in April 2025, reflecting the current state of the crypto VC industry [1][11] - Despite a bull market with Bitcoin stabilizing above $100,000 and Ethereum returning to $4,000, crypto VCs are facing more challenges than in the previous cycle [2][6] Investment Activity Decline - There has been a dramatic decline in investment activity among Asian crypto VCs from 2024 to 2025, with notable firms like Foresight Ventures and HashKey Capital seeing reductions of 90.7% and 64.7% in investment counts, respectively [7][9] - OKX Ventures, which led in investment activity in 2024 with 72 projects, saw its numbers plummet to 12 in 2025, marking an 83.3% decrease [8][9] Market Dynamics - The investment logic of crypto VCs, which previously relied on narrative-driven speculation, has collapsed, leading to a shift towards cash flow and compliance-driven infrastructure development [12][14] - The global crypto/blockchain VC total financing in Q2 2025 was only $1.97 billion, a 59% decline from the previous quarter, indicating a significant downturn in the market [21][22] Challenges Faced by Crypto VCs - Crypto VCs are struggling with profitability and fundraising, with many traditional LPs hesitant to invest due to previous losses and the availability of simpler profit-making opportunities in the crypto space [20][21] - The current landscape has seen a shift in LPs from traditional investors to more selective sovereign wealth funds and family offices, which demand real cash flow and compliance [22][23] Future Opportunities - Despite the current challenges, there are emerging opportunities in stablecoins and tokenized assets, with predictions suggesting the issuance of stablecoins could exceed $3 trillion [26][27] - The industry may see new opportunities arise from innovative DeFi projects and financial derivatives, which could inject vitality into the market [27][28] Strategic Shifts Required - For crypto VCs to survive, they must redefine their roles, moving beyond traditional financial investment to provide market-making, compliance, and liquidity support, akin to investment banks [28] - Establishing robust research and data capabilities focused on quantifiable metrics will be essential for adapting to the evolving market landscape [28]