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Crypto Whale Data

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Crypto Whale Data

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  • Crypto M&A deals expected to rise in 2025, top VCs say Crypto mergers and acquisitions (M&A) activity rose to 248 deals in 2024, up from 221 in 2023, according to The Block Pro data. While improved, it remains below 2022's all-time high of 271 deals, signaling steady yet restrained growth. "M&A was still quite muted in 2024, with a lot of companies and protocols unsure of what the future regulatory environment could look like," Rob Hadick, general partner at Dragonfly, told The Block. "With that said, most of the potential acquirers were crypto natives, who often wanted to use their own bloated valuation marks from 2021 to acquire companies with their equity consideration, especially as most are not cash-rich. That meant that while there were a lot of conversations on M&A activities, ultimately very few transacted outside of Stripe-Bridge." Ed Roman, co-founder and managing partner of Hack VC, echoed similar sentiments, noting that in 2021, venture capital investors heavily invested in crypto. However, many of those startups struggled to raise funds after the bear market triggered by the FTX bankruptcy in 2022, leading to natural consolidation. Looking ahead to 2025, venture capital firms anticipate a more active crypto M&A landscape driven by a maturing market, increased regulatory clarity and renewed interest in crypto from fintech and web2 companies. Here's what top crypto VCs shared with The Block about their M&A outlook for the new year. Dragonfly: Exchanges and brokerages to drive M&A growth Dragonfly predicts 2025 will "absolutely be a more active year" for crypto M&A but warns against viewing the recent Stripe-Bridge deal as a broader market trend. "The Stripe-Bridge transaction was idiosyncratic and is unlikely to be copied," Hadick told The Block. Hadick expects the stablecoin/payments sector to see fewer major M&A deals, projecting that many payment service providers will build their own platforms or form partnerships instead of pursuing acquisitions. Still, he foresees at least one unicorn-sized deal announcement in that sector in 2025. Exchanges, brokerages, miners and data providers are the key sectors primed for consolidation, according to Hadick. "Many of the largest companies in those categories have been kicking the tires of potential targets who may be interested in being acquired, but few were serious about really driving forward that consolidation and paying up for that privilege until now," he said. Hack VC: Web2 buyers and onchain M&A to drive activity Hack VC anticipates more large-scale acquisitions in 2025, driven by the likely return of web2 companies interested in crypto due to the ongoing bull market. "Those web2 buyers were missing-in-action for the last few years due to the NFT crash and FTX crash, but we expect them to return now that crypto is in-season again," Roman told The Block. "They often lack internal expertise or technology, so it's easier to buy versus build." On-chain M&A is another area Roman finds particularly compelling. "On-chain mergers can revitalize tokens and breathe new energy into projects, as well as consolidate efforts to achieve a larger outcome for token holders," Roman said. He also notes that with the current bull market, crypto startups are finding it easier to raise funds, reducing the number of "forced exits" from startups running out of runway. Instead, M&A in 2025 is likely to focus on deals designed to accelerate growth, he said. Galaxy Ventures: Expects fintech-driven M&A to pick up Galaxy Ventures predicts a surge in crypto M&A activity in 2025, driven by the return of fintechs, banks, and tech companies to the crypto space. "The Stripe-Bridge acquisition is a harbinger of M&A activity, for sure," Galaxy Ventures' general partner, Will Nuelle, told The Block. "Stablecoins and payments practically impact real fintech businesses and so we expect M&A to primarily occur there," Nuelle said. "Areas like staking, DeFi, and CeFi still are parallel to fintech/banking rather than intersecting." Nuelle also anticipates initial public offering (IPO) activity to resume as regulatory clarity improves in the U.S., creating more opportunities for crypto companies to access public markets. Portal Ventures: Expects fintech to lead crypto M&A Portal Ventures also sees fintech as the primary driver of crypto M&A in 2025. "It's hard to be a fintech investor today and ignore crypto," Evan Fisher, founder and general partner at Portal Ventures, told The Block. Within crypto, Fisher expects some established players like Chainalysis to acquire smaller firms. Blockchain Capital: Expects consolidation across categories
  • 10 top crypto VCs share 2025 funding outlook Crypto venture capital funding rose 28% year-over-year in 2024, reaching around $13.7 billion, according to The Block Pro's Funding Dashboard. While this marked notable progress compared to 2023, the surge still fell short of previous peaks, despite this year's bullish momentum. Looking ahead to 2025, top crypto VCs are cautiously optimistic. While most agree that funding levels won't return to the highs of 2021-2022, a clear consensus has emerged: startups with strong product-market fit and tangible user adoption are best positioned to attract capital in the year ahead. Here's what leaders from Dragonfly, Pantera, Multicoin, Coinbase Ventures, Binance Labs, Galaxy Ventures and others shared with The Block about their 2025 funding outlook. Dragonfly: Betting on DeFi, CeFi, stablecoins and more Rob Hadick, general partner at Dragonfly, expects significant growth in crypto venture funding for 2025, driven by a loosening U.S. regulatory environment, potential continued token price appreciation and increased institutional capital deployment, he told The Block. However, Hadick doesn't see funding levels reaching the highs of 2021-2022 "for a very long time," — reflecting caution among VCs about repeating past mistakes. Dragonfly remains focused on backing top founders in areas with proven product-market fit, including decentralized finance (DeFi), scaling platforms, centralized finance (CeFi) and stablecoins/payments. While newer areas like crypto-AI and decentralized physical infrastructure networks (DePINs) are on the radar, Hadick described these as "experiments" for now. Conversely, Hadick said, investment in categories like security, tokenization and interoperability may decline as the focus shifts to newer sectors. He also predicts challenges for decentralized social media, citing a lack of scalability and product-market fit. Pantera: Excited about crypto-AI, DePINs and new types of Layer 1 blockchains Lauren Stephanian, general partner at Pantera Capital, told The Block that crypto VC funding is expected to increase in 2025 as investors are more willing to deploy capital in pro-crypto administration in the United States. However, "bull markets can't last forever," so it remains to be seen "when we'll start to see deployment slow down within the next year," Stephanian said. Pantera is continuing to invest broadly in the crypto and blockchain sectors but is particularly excited about crypto-AI, DePINs, and new types of Layer 1 blockchains that enable more app-level functionality, Stephanian said. Multicoin: Continues to remain bullish on the Solana ecosystem Multicoin Capital is focusing on expanding its exposure to DeFi applications, particularly within the Solana ecosystem, which has outperformed the Ethereum and Layer 2 ecosystem in key on-chain metrics this year. "We expect this trend to continue and for Solana-based applications and protocols to be big winners in the next cycle as more users, capital, issuance, and activity migrates to Solana's ecosystem," Kyle Samani, co-founder and managing partner of Multicoin Capital, told The Block. Ethereum will continue to struggle and "may even slip into secular decline" as it faces significant competition from Solana and other faster and cheaper blockchains, Samani said. "Unless Ethereum can compete, developers, users and capital will migrate to other chains that better serve their needs," he added. Multicoin is also bullish on stablecoins, with Samani describing them as "likely one of the greatest technical and financial innovations of our lifetime." "Stablecoins have the opportunity to become a juggernaut in 2025," Samani said. "Everyone in the world wants U.S. dollars, and stablecoins are by far the most efficient way to get them. The design space is vast, and we're still relatively early in the adoption curve." Coinbase Ventures: Focused on the onchain economy Coinbase Ventures expects to be "very active in 2025 and beyond" and is well-positioned to seize market opportunities, its head, Hoolie Tejwani, told The Block. The firm is optimistic about constructive regulatory progress in the U.S., fueled by a pro-crypto Donald Trump administration and a supportive Congress entering office in January 2025. Tejwani said that Coinbase Ventures will continue investing broadly across the onchain economy, guided by "where the best and brightest builders are spending their nights and weekends." The firm is bullish on the application layer, where internet-scale applications are finally possible, thanks to maturing infrastructure. Areas of focus include stablecoin payments and finance, crypto-AI intersections, onchain consumer applications (such as social, gaming and creator apps) and innovations in DeFi.
  • Grayscale Research adds six tokens to its 'Top 20' for next quarter Grayscale Research added six tokens to its ‘Top 20’ list of diversified crypto assets that, in its view and based on multiple factors, display a high degree of potential over the next quarter. The included tokens are Layer 1 blockchain Hyperliquid’s HYPE, Ethena’s ENA, Base-based AI agent platform Virtual Protocol’s VIRTUAL, Solana-based DEX aggregator Jupiter’s JUP, Solana-based liquid staking protocol Jito’s JTO, and decentralized data network Grass’ self-titled token. Grayscale noted that the decision to include these tokens was based on network growth and adoption, upcoming catalysts, fundamental sustainability, token valuation and supply inflation, and potential tail risks. Grayscale Research said that for Q1 2025, its focus would be on themes touching the regulatory environment in the United States, decentralized finance and staking, decentralized AI technologies and agents, and the growth of the Solana ecosystem. Additionally, Grayscale Research noted that it remains optimistic regarding previous quarters’ themes, such as Ethereum scaling solutions, tokenization, and decentralized physical infrastructure, also known as DePIN. Specifically, the team notes that Optimism, Chainlink, and Helium have returned to its ‘Top 20,’ while Celo has fallen off the list.
  • Bitget to burn 40% of total supply of BGB and introduce quarterly burns
  • South Korea imposes sanctions on North Korean crypto hackers, IT operatives
  • Runes transaction share on the Bitcoin network drops to new lows Runes transaction share on the Bitcoin network has dropped to new lows, reaching just 1.67% of daily transactions, marking a significant decline from its dominant position earlier in the year. This represents a stark contrast to the period between April and November when Runes often consisted of over 50% of daily Bitcoin transactions. Daily fees for Runes transactions have remained below $250,000, indicating minimal network activity compared to previous periods. The decline in Runes activity coincides with broader market dynamics and shifting investor focus: Bitcoin price volatility has drawn attention away from experimental Bitcoin-based protocols like Runes and Ordinals, which are often viewed as higher-risk applications. Other sectors, such as AI agents, memecoins and Ethereum NFTs, have captured market mindshare, potentially contributing to reduced interest in Bitcoin-based token protocols. The data suggests a potential cooling of the Runes ecosystem. The dramatic drop from a network share of over 50% to below 10% indicates a significant shift in Bitcoin network usage patterns. This decline may reflect a broader market trend where speculative interest has rotated into other cryptocurrency sectors. However, as Bitcoin prices look to stabilize, history suggests that attention will return to ecosystem projects such as runes and ordinals, making it important to monitor how these verticals evolve.
  • Crypto's 12 biggest stories of 2024: From Bitcoin ETFs to Hamster Kombat and even the FBI There’s always something going on in the crypto space — and this year was no exception. From Bitcoin ETFs to Sam Bankman-Fried, Hamster Kombat, Donald Trump and the halving, here are 12 of the top stories from 2024 to enjoy this Christmas. SEC approves spot Bitcoin ETFs in the US On Jan. 11, the U.S. Securities and Exchange Commission approved proposals for multiple spot bitcoin ETFs on an accelerated basis. ETFs from Ark Invest/21Shares, Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco, Valkyrie (now CoinShares), VanEck and WisdomTree began trading the next day. An additional spot ETF from Hashdex and Grayscale’s mini Bitcoin ETF launched in March and July, respectively. As the most successful ETF launch in history by many measures, the combined spot Bitcoin funds have since gone on to attract more than $36 billion in net inflows, with around $110 billion in assets under management amid bitcoin’s substantial price rise this year. BlackRock’s IBIT spot Bitcoin ETF has dominated most metrics, accounting for approximately $54 billion in AUM alone and over 70% market share by trading volume. A $1.2 million bitcoin mistake In one of the crazier stories of the year during the same month, as an unknown user sent 26.9 BTC, worth $1.2 million at the time, to Bitcoin's Genesis wallet, which was created by the blockchain’s pseudonymous creator Satoshi Nakamoto and is unlikely to be accessible or return the funds. The transaction, originating from a wallet linked to the crypto exchange Binance, according to blockchain analytics platform Arkham, cost an unusually high $100 fee and brought the Genesis wallet's balance to nearly 100 BTC, worth $4.3 million at that point. "Either Satoshi woke up, bought 27 bitcoin from Binance, and deposited it into their wallet, or someone just burned a million dollars," Coinbase director Conor Grogan said. Sam Bankman-Fried sentenced to 25 years in prison In March, former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison and ordered to pay $11 billion in restitution for orchestrating one of the largest financial frauds in U.S. history. In September, Bankman-Fried filed an appeal and called for a new trial, with his lawyer criticizing Judge Lewis Kaplan's handling of the case. A month later, former co-CEO of FTX Digital Markets Ryan Salame also began a seven-and-a-half-year sentence for his role in the debacle. However, former CEO of FTX's sister trading firm Alameda Research, Caroline Ellison, was handed a lighter sentence of two years, while FTX's former engineering director Nishad Singh and FTX co-founder Gary Wang received no prison time after the pair cooperated with authorities. Dogwifhat's iconic photo sold as NFT for $4.3 million On a lighter note, in March, the iconic photo of Achi, the dog behind the Dogwifhat memecoin, was sold as an NFT for $4.3 million to crypto trader Gigantic Rebirth Ventures. Achi's image became a viral sensation, leading to the creation of the Dogwifhat memecoin, which now ranks in the top 50 cryptocurrencies with a market cap of over $3 billion. The NFT sale came just days after crypto holders raised over $650,000 to put the dogwifhat picture on the Las Vegas sphere — an initiative that is yet to transpire into a reality. Bitcoin ushers in fourth halving In April, Bitcoin’s fourth halving event reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC, marking a new epoch for the network. The halving, occurring at block height 840,000, means miners now produce around 450 BTC daily compared to the previous 900 BTC. Bitcoin halving events, which occur roughly every four years, will continue reducing rewards until the last bitcoin is mined around 2140, after which miners will earn only transaction fees. Billionaire Mark Cuban’s remarks weighing in on the halving was one of the most popular stories this year. However, while the Dallas Mavericks owner and "Shark Tank" host noted the direct impact on revenue for bitcoin miners, he was more interested in the potential impact of AI on the industry. The FBI’s warning to American crypto users The same month, another popular story centered around the U.S. Federal Bureau of Investigation warning Americans to avoid using cryptocurrency services not registered as Money Services Businesses under federal law to prevent financial and legal risks. The FBI advised checking the registration status of crypto services using the U.S. Financial Crimes Enforcement Network MSB lookup tool and to also avoid platforms that lack know your customer ID verification compliance.
  • Hyperliquid sees record outflows following North Korea hack concerns Decentralized perpetual trading platform Hyperliquid saw a record volume of net outflows after one blockchain expert on social media platform X claimed on Monday that North Korea-backed hackers were present on the DeFi platform. According to data from Dune Analytics, Hyperliquid saw USDC net outflows worth $249.1 million on Monday and another $22.2 million in net outflows on Tuesday so far. Taylor Monahan, security researcher of Metamask, posted 12 blockchain addresses that were active on Hyperliquid that she has identified as cyberactors backed by the Democratic People’s Republic of Korea. The dates show that one address was active on the platform from Oct. 2. Monahan said in the X thread that her offer to Hyperliquid to help protect the platform against North Korea is still on the table, as DPRK actors appear to be training to become familiar with the platform to launch an attack in the future. “I am quite concerned that you guys are at increased risk due to the fact we know that these specific threat actors are now intimately familiar with your platform,” Monahan wrote in her offer to Hyperliquid two weeks ago, which she reposted on Monday. “I really want to emphasize that these are the most sophisticated and rapidly evolving of all the DPRK threat groups.” Hyperliquid’s Hype, its native token launched recently, also experienced volatility on Monday. The token fell from a weekend high of $34.5 to around $26 on Monday and continued to fluctuate, according to data from Coingecko. Hype recovered 5.4% in the past 24 hours to trade at $29.63 at the time of writing. Hyperliquid responded to the allegations on Discord by saying that the platform has not spotted any signs of an exploit. “There has been no DPRK exploit — or any exploit for that matter — of Hyperliquid,” the platform said. “All user funds are accounted for. Hyperliquid Labs takes opsec seriously. No vulnerabilities have been shared by any party.” DPRK’s state-backed hacker groups have been accused of orchestrating some of the largest hacks in crypto, such as the $600 million hack of the Ronin Ethereum sidechain in 2022.
  • Metaplanet continues bitcoin buying spree with latest $61 million purchase Japanese investment firm Metaplanet Inc. spent nearly $61 million to buy additional bitcoin as it remains bullish on the world’s largest cryptocurrency. Metaplanet said on Monday that it bought an additional 619.7 BTC, or $58.9 million based on current market prices, for 9.5 billion yen ($60.6 million) at an average purchase price of 15.3 million yen ($97,786) per bitcoin. This boosted the company’s total holdings to 1,761.98 BTC, or about $167.1 million. The Tokyo-listed firm made its latest bitcoin purchase after raising 9.5 billion yen ($60.6 million) through two tranches of bond issuance last week to “accelerate bitcoin purchases.” The company started adopting Bitcoin as a strategic treasury reserve asset in May and has since been on a buying spree. Metaplanet’s stock closed down 0.98% at 3,540 yen on Monday in Japan, having risen 1,982% year-to-date, according to Yahoo Finance. Bitcoin dropped 1% over the past 24 hours to trade at $95,221 at the time of writing, according to The Block’s price page. Ether lost 1.2% to change hands at $3,292. The Block's GMCI 30 index, which measures the performance of the top 30 cryptocurrencies, edged down 0.93% in the past day. Meanwhile, MicroStrategy remains the largest public corporate bitcoin holder, owning 439,000 BTC, according to data from BitcoinTreasuries.
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