The venture capital landscape has seen a notable shift, with early-stage capital gaining traction as 11 emerging funds, each under $200 million, launched in 2025. Notable funds include Virtue VC, Resilience VC, Afore VC, and Cherryrock Capital. In contrast, the crypto venture sector has experienced a significant downturn, with deals dropping 60% since October 2024. In February, only 116 crypto venture deals were recorded, down from over 300 in October. Despite this decline, monthly investments in the sector remain around $1 billion, bolstered by a $2.3 billion surge in March, primarily due to MGX's $2 billion stablecoin investment in Binance. General Catalyst has remained active, leading major funding rounds such as Together AI's $305 million and Verkada's $200 million, even as overall venture capital activity appears to be slowing.