Crypto VC Participation Drops to Lowest Since November 2020

The crypto venture market is no longer the broad, crowded betting pool it was during the 2021–2022 bull run. According to data from CryptoRank, only 150 unique venture capital firms deployed capital in crypto funding rounds during July 2026 as of the 28th.

That marks the lowest monthly count since November 2020—back when Bitcoin was still below $20,000 and DeFi Summer had only just cooled.

The peak, by contrast, hit 1,177 active investors in May 2022, a month that now looks like the high-water mark for indiscriminate crypto VC enthusiasm. The data does not necessarily imply less total capital flowing into the space.

Instead, it paints a picture of an investor base that has narrowed dramatically, with a shrinking circle of familiar names leading rounds while thousands of smaller funds, family offices, and angel syndicates have stepped back.