Tiger Research: 2026 Q3 Crypto Industry Investment Report

market-dynamics report <br /> Core data provider: RootData Author: Ryan Yoon <br /> 1. The venture capital field has shown structural adjustments: the total volume of M & A transactions has remained stable, but the transaction scale has shown a trend from large to small. Investors are paying more attention to substantive business indicators such as license acquisition, payment system integration, and institutional trading capabilities. <br /> 2. Strategic capital intervention has increased: the dominant position of traditional head venture capital institutions in negotiating transaction terms has weakened, while the investor group with clear industrial strategic intentions is accelerating its expansion. Typical representatives include the intention to strengthen exchanges and public chains through capital layout Ecological CEX system VC. <br /> 3. The investment cycle has diverged: the seed round and early financing stages continue to shrink, and the focus of capital allocation shifts to Series A to Series C companies that have completed income verification and hold compliance licenses. <br /> 4. Financing channels have been transformed: the proportion of equity financing has declined, and diversified financing models based on cash flow have expanded rapidly, covering innovative forms such as bond issuance, credit lines, and SPAC listings. <br /> 5. Vertical extension of investment direction: Capital continues to gather on tracks with traditional financial attributes or real-life application scenarios, attracting significant attention in areas such as payment solutions, stablecoin issuance, securities tokenization and AI infrastructure construction. In comparison, investment in the underlying ecosystem of pure blockchain has cooled down. <br /> 6. Industry reshuffle is accelerating: Under the combined effect of the above trends, the venture capital market is undergoing a transformation from scale expansion to quality deepening, and the financing environment of companies at different stages shows significant differences.