Market-leading Industry Reports

May 2026 marked a decisive rebound in crypto fundraising after the spring slowdown. Total capital raised jumped to $3.52B across 83 VC rounds, driven by several mega-rounds including Kalshi’s $1.2B Series F. The surge reflected renewed investor confidence, particularly in Prediction Markets, AI, and market-infrastructure sectors. M&A activity also spiked, anchored by Bullish’s $4.2B acquisition of Equiniti, signaling continued strategic appetite.

May marked the first meaningful stabilization across crypto trading markets after several months of declining activity. Spot volume stopped falling, Futures trading returned to growth, and Perp DEXs recorded the strongest recovery among all major trading segments. This report analyzes Spot CEX, Futures, Perp DEX trading volumes, CEX listing activity, and the relationship between listings and broader market participation.

May was not a broad risk-on month for crypto. Instead, capital continued rotating selectively across individual narratives.

April 2026 continued the broader cooldown across crypto trading volumes, with Spot CEX, Futures, and Perp DEX activity all remaining below previous peak levels. In this recap, we break down how trading volumes evolved across centralized spot exchanges, futures markets, and onchain perpetual DEXs throughout the month, while also comparing current activity with previous cycle highs and longer-term market structure trends.

April 2026 saw CEX spot trading volume fall to a new 25-month low of $951.8B, extending the market’s prolonged low-volatility phase. Binance kept its clear lead, while Coinbase climbed into the top four and Gate.io continued to outperform within the mid-tier exchange group.

April 2026 marked the weakest month in 12 months: capital plunged 74% to 662m, and deal count dropped to 64. mega-rounds disappeared entirely, while the number of unique investors hit a 25-month low. m&a deals accounted for nearly half of disclosed capital, while the exchanges sector attracted 231m in vc funding. the market is consolidating, and primary fundraising is shrinking.

Q1 2026 saw a surge in late-stage capital, with Series C+ up sharply, while earlier stages slowed, signaling a shift toward larger, high-conviction deals. Seed and Pre-Seed still led deal volume but with smaller shares. Payments dominated by value, Prediction Markets rose, and DeFi led in deal count. Top rounds captured most capital, reflecting a concentrated, barbell-shaped VC market.

The crypto market experienced a significant decline in January 2026, driven by macroeconomic uncertainty, overheated valuations in both stock and crypto markets, and a lack of major positive catalysts on the horizon for the industry. Despite this broader market decline, prediction markets and RWA tokenization emerged as bright spots, posting growth even as other sectors struggled.

In 2025, venture capital inflows into the Web3 sector rebounded sharply, approaching levels last seen in 2022. However, the venture landscape has fundamentally changed. As the crypto market matures, investors are applying new criteria and expectations, forcing projects seeking VC funding to adapt. This recap breaks down the key shifts shaping today’s crypto fundraising environment.

The crypto market underwent a structural transformation in 2025. ETFs, stablecoins, and RWAs redefined access to digital assets, while institutions formally entered the ecosystem, reshaping the market structure. This is the start of a repricing cycle as digital assets converge with TradFi and adoption. This recap highlights the key narratives, sectors, and projects that drove the shift.