去年加密 VC 投资交易数暴跌 60%,今年有望温和复苏

RWA1,51%
DEFI-0,74%

ChainCatcher 消息,2025 年加密风险投资总额达 189 亿美元,较 2024 年的 138 亿美元增长,但交易数量暴跌 60% 至约 1200 笔,资金高度集中于后期项目。数字资产库公司(DAT)筹集约 290 亿美元,吸走大量机构资金。早期融资显着放缓,主因包括可用 VC 资金减少、机构投资者偏好 AI 项目、监管清晰化推动成熟企业快速扩张。 多位投资人预期 2026 年早期融资将温和复苏,但门槛仍高,投资者更注重基本面而非叙事。美国监管清晰化被视为关键催化剂。投资热点集中在稳定币与支付、机构级基础设施、预测市场、RWA 代币化及 DeFi。加密与 AI 交叉领域存在分歧,部分认为炒作超前实际应用。 代币销售在 2025 年重现但未取代传统 VC,预期形成混合融资模式。整体而言,市场纪律性将持续,资金配置更加理性。

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