In the fourth quarter of 2024, crypto venture funding experienced a modest rebound from the preceding quarter, with deal value increasing by 13.6% quarter-over-quarter (QoQ) to $2.5 billion. This, according to a report from the researchers at PitchBook.
However, the total number of crypto venture funding deals continued to decline, dropping from 411 to 351, a 14.6% decline.
For the full year, PitchBook revealed in its report that the total crypto VC funding ended at $10 billion across 1,940 deals, compared with $10.3 billion over 1,936 deals in 2023.
The extensive report from the team at PitchBook added that despite facing macroeconomic headwinds and regulatory challenges, particularly in the US, these nearly flat year-over-year (YoY) totals underscore the resilience and staying power of the sector.
In 2024, valuations rose starkly across all funding stages.
The median pre-money valuation at the seed stage jumped by 70.2% YoY, from $11.8 million in 2023 to $20 million in 2024.
Early-stage valuations more than doubled, up 109% from $25 million to $52.3 million.
Late-stage rounds saw a more modest 3.8% increase, edging up from $43.7 million to $45.3 million.
Overall, the median valuation across the entire ecosystem rose by 78% YoY from $18 million to $32.1 million.
This surge in valuations underscores how competitive deals became at the earliest stages, particularly for infrastructure and decentralized AI startups.
Deal sizes largely reflected this surge in valuations. At the seed stage, the median check size increased from $2.5 million in 2023 to $3 million in 2024, representing a 20% jump.
Early-stage medians rose by 26.9%, going from $3.8 million to $4.8 million.
Meanwhile, late-stage deal size figures dipped slightly, declining by about 1.6% from $6.4 million to $6.3 million.
Throughout Q4, funding remained concentrated on infrastructure-focused projects, particularly those that address scalability, interoperability, and developer tooling.
The report further revealed that investment in decentralized AI also maintained traction, as startups in this space garnered outsized interest from both crypto-native and traditional VCs.
On the exits front, PitchBook pointed out that M&A activity persisted in Q4 but at a more deliberate pace than in Q2 and Q3.
While acquisitions still involved exchanges, custodians, and decentralized identity platforms, strategic buyers increasingly targeted complementary capabilities rather than simply absorbing smaller competitors.
In 2025, PitchBook stated in their report that they anticipate further consolidation among infrastructure providers, exchanges, and custody solutions, along with continued investor focus on next-generation protocols and AI-driven innovation.
PitchBook concluded in its comprehensive report that although 2024 funding did not match the peak exuberance of the prior few years, its steady totals, robust valuations, and strong interest in emerging subsectors reflect a maturing market that remains poised for long-term growth.