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The number of crypto VC investment deals in 2024 plummeted by over 60%, but the wind is turning. It is predicted that the scale of crypto venture capital will rebound to the $18.9 billion level in 2025. Interestingly, investors' perspectives are changing — no longer blindly chasing hot trends, but focusing on fundamentals. The capital flow is very clear: stablecoin projects, payment solutions, and institutional-grade infrastructure development have become hot spots. In other words, this round of funding is more pragmatic.