Web3 projects have completed 1,179 funding rounds in 2025, with nearly half of these transactions being strategic rounds or undisclosed, according to CryptoRank data. This trend suggests a shift towards targeted strategic investments, private placements, and ecosystem deals, as opposed to early-stage rounds like angel and pre-seed investments. For founders, this indicates a reduction in speculative hype and an increased emphasis on relationship-based fundamentals. There is also a heightened demand for alignment with narratives, data, and roadmap compatibility, reflecting a more discerning investment landscape.