Crypto VCs are writing fewer small checks and more big ones.
In Q2 2026, mega-rounds ($50M+ raises) accounted for 16.5% of total crypto fundraising, up 3.4x in less than two years.
The number of mega-rounds also grew from 12 to 33 per quarter, remaining above 30 for three consecutive quarters.
The trend suggests VCs are becoming more selective, with larger pools of capital flowing to a smaller group of high-conviction projects.