Recently, I came across some interesting data. How has the fundraising activity in Web3 projects been this year? According to CryptoRank statistics, there have been 1,179 funding rounds completed from the beginning of the year to now, which is quite a substantial number. But a closer look at the funding structure reveals some interesting insights—nearly half of the funding comes from strategic rounds and undisclosed rounds.

In comparison, the proportion of angel rounds and pre-seed rounds is relatively lower. What does this phenomenon indicate? It suggests that the investment focus is shifting. Investors are no longer as enthusiastic about supporting early-stage innovative projects; instead, they prefer targeted investments into projects that already have a certain foundation, or they are engaging directly in private placements and ecosystem supporting transactions. In other words, everyone is selecting specific tracks and making targeted bets, rather than casting a wide net with risk investments.

This reflects a broader adjustment in the investment logic of the entire Web3 market—from betting on the future to investing in the present, from early-stage gamblers to savvy buyers.