Crypto▼ Bearish
Crypto deal count collapses to 44 in July, down 87% from Q1 pace
Blockworks Research tracked just 44 crypto deals in July, down from roughly 4 per day in Q1. Venture capital velocity has more than halved, with implications for the 2027-2028 pipeline.
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Blockworks Research tracked 44 total crypto deals announced in July. That is a number that looked normal in a single week of the first quarter, not stretched across an entire month.
Q1 2026 logged 355 deals worth roughly $4 billion. July managed 44. The quarterly pace works out to about four deals per day. July's count clears one and a half per day. The velocity has dropped by more than half, and the absolute numbers suggest the decline accelerated through the quarter.
Of those 44 deals, 41 were fundraising rounds, 2 were mergers and acquisitions, and 1 was a debt financing arrangement.
Bitcoin trading in the $60,000 to $62,000 range during that period has not helped. That price level sits well below the highs that tend to unlock venture capital enthusiasm. ETF outflows compounded the dynamic. When institutional money heads for the exits in the most liquid regulated vehicles available, it signals larger players are not adding exposure, several fund managers told Blockworks.