Crypto venture capital financing surged to $49.75 billion in 2025, marking a more than fourfold increase from the previous year. The majority of these funds were allocated to the construction of centralized exchange (CEX) reserve vaults. In December 2025, 58 investment projects were disclosed, representing a 3.6% increase from November's 56 projects. Despite the significant financial growth, the total number of investment projects in 2025 fell to 898, a 42.1% decrease compared to 1,551 projects in 2024. This shift indicates a trend towards larger, more capital-intensive projects within the crypto sector.