Looking at this crypto VC landscape for 2025, I see a very clear point that large sums of money are no longer 'gambling on narratives', but are looking for financial infrastructure that can truly operate.
Top 1: Finance/Banking and Prediction Markets
When institutional capital starts to move on-chain, they are not concerned with memecoins or short-term trends, but are focused on sectors that can directly replace or complement the traditional financial system.
Prediction markets are heavily funded because they sit at the intersection of data, finance, and risk management, which the TradFi market does very well, but on-chain has advantages in transparency and composability.
Top 2: Infrastructure and Payments
This shows a reality: no matter how the narrative changes, blockchain still needs roads, bridges, and a payment system that is cheap enough, fast enough, and stable enough for the above use cases to scale. Without good infrastructure, everything above is just a demo.
One point I find quite interesting is that Asset Management is growing very strong. This is a signal that crypto is gradually moving into a true 'asset management' phase: on-chain funds, structured products, tokenized assets, yield strategies for large capital flow. This is no longer a playground just for retail.
On the contrary, sectors like DeFi, DePIN, AI, Gaming, and Social still have capital flow, but the deal size is smaller and more dispersed. This reflects the current VC mindset: still betting on innovation, but controlling risk more tightly, no longer going all-in on unproven revenue-generating models.
In my view, this data indicates something very important: 2025 is the year crypto is repositioned as a layer of financial infrastructure, not just a speculative market. VCs are one step ahead, and this capital flow often shapes the narrative of the next cycle.
