Crypto’s funding was recorded at a record-breaking pace in 2025, raising $16.5 billion in the first half alone, according to a Cex.io report.
According to the report, this is already above the $12.2 billion recorded in all 2024, exceeding the $10.9 billion raised in the 2021 Bull Run, the most active funding in the industry to date.
Furthermore, substantial funding accounted for 5.3% of global venture capital activities in the second quarter of 2025, the highest share in three years.
Cex.io noted that this increased number shows renewed interest following the rising trend in adoption and changes in regulations after the election. It also suggests that the global venture market will recover to investor trust despite continuing to be cautious.
Tokenless projects gain traction
One of the clearest trends for 2025 is the shift towards quality rather than quantity. Investors put a large amount of money into fewer projects, with an average trading size of nearly $20 million.
This shows an increase in confidence in experienced teams with sound business models rather than speculative bets on early stage ventures.
Meanwhile, another impressive development this year is the rise of tokenless fundraising. So far, 82% of funded projects have raised capital without launching tokens.
According to CEX.IO, this shift suggests investors prioritize real products, sustainable revenues and long-term fundamentals.
In contrast, 85% of token-funded projects in 2025 have performed poorly on key metrics, a trend they are paying attention to among investors.
CEX.IO concluded that launching tokens and moving to operators indicates a mature market. According to the company, investors are currently supporting ventures aimed at building sustainable products before exploring the token model.
Where did the money go?
Financial projects, including CEFI and Defi, received Lion’s funding share. The project raised $4.9 billion in 171 transactions, or 51.4% of total investment over the period.
Other sectors such as infrastructure-focused ventures, such as hardware, security, Oracle and bridge, have secured 17.9% of their funds.
Meanwhile, consumer applications, artificial intelligence and Depin projects followed, bringing together 14.7%, 5.0% and 3.1% of funds, respectively.
Another interesting thing is that M&A activities have surged quietly, surpassing $6 billion, more than triples last year. Cex.io noted that these transactions account for 36.7% of all crypto transactions.
According to the report, this growth highlights the industry’s shift towards integration as it acquires existing platforms and technologies to accelerate user growth and strategic positioning.
