Recent data shows that the total amount of venture capital in the Web3 space has skyrocketed to $9.6 billion, setting a record for the second-highest quarterly total in history. However, behind this astonishing figure lies an interesting phenomenon: the number of disclosed transactions has dropped to just 306 rounds. This contrast highlights a new trend in the current Web3 investment market: capital is concentrating on a select few projects.

At the same time, the median scale of various financing stages has generally increased. Notably, Series A financing reached a new high of $17.6 million, marking the highest level in over two years. Even more surprising, the median for seed round financing jumped to $6.6 million, reversing the downward trend of the first quarter. This phenomenon seems to indicate that investors' confidence in early Web3 projects is strengthening.

However, not all sectors show a prosperous picture. Private token sales remain stable, but only 15 transactions raised $410 million, indicating a very high concentration. Public token sales have seen a significant decline, with only 35 events raising $134 million, a year-on-year decrease of 83%.

In the niche sectors, infrastructure continues to dominate. Cryptocurrency, mining and verification, as well as the computing network field are far ahead in attracting capital and investor interest. Meanwhile, the consumer category has also shown some positive signals, particularly in financial services and markets, although its financing scale and transaction share are relatively small.

These financing trends indicate that Web3 investment has shifted from an early broad-net strategy to a more precise belief-based investment. Investors are being selective and concentrating their funds on the projects they believe have the most potential. This shift in strategy not only reflects the maturity of the market but also signals that the Web3 industry may soon enter a more rational and sustainable development phase.

As the data from the second quarter of 2025 further solidifies this trend, we can foresee that the investment landscape in the Web3 domain may continue to evolve towards a more concentrated and strategic direction. For entrepreneurs seeking funding, this means they need to highlight the unique value and long-term development potential of their projects more prominently to attract increasingly cautious investors. At the same time, for the entire Web3 ecosystem, this concentration of capital may accelerate technological innovation and breakthroughs in business models, driving the industry to a higher level of development.