Galaxy: In the investment activities of the third quarter, the first seven transactions accounted for nearly half of the total value, indicating that the golden age of pre-seed investments may have come to an end.

According to ChainCatcher news and a report from The Defiant, Galaxy Digital's research report indicates that in the third quarter of this year, seven large transactions raised over $2.26 billion, accounting for 48.7% of the total venture capital in crypto assets and blockchain-related companies during the same period. During this period, venture capital firms invested $4.65 billion in cryptocurrency-focused startups and private companies through 415 transactions, an increase of 290% compared to the previous period, but still below the levels of 2021-2022. The growth was mainly driven by late-stage companies, indicating that capital continues to concentrate on mature companies rather than early-stage startups. Although market sentiment is improving and investment activities are increasing, Galaxy Digital believes that “the golden age of pre-seed crypto asset venture capital is over.”