This is a detailed outlook on the encryption venture capital field in 2025, showing the diverse views of the top ten investment institutions on the future. The article elaborates on the unique insights of each institution on fund flows, hot areas, and technological trends. Here is a key summary.

Financing Trends
In 2024, encryption venture capital increased by 28% year-on-year to reach $13.7 billion, but it has not yet recovered to its historical high.
In 2025, top venture capital firms are generally cautiously optimistic about the market, believing that strong product-market fit and actual user base will be the key to attracting capital.
Core Investment Fields
Stablecoin: widely regarded as an important technological and financial innovation, with enormous potential, especially in the payment field.
encryptionAI and DePINs: Emerging fields are attracting attention, but are still in the experimental stage.
Solana Ecosystem: With its powerful on-chain performance, it has become a key focus area.
Application layer innovation: such as on-chain social, games, creator tools, etc., as the infrastructure matures, it may achieve internet-scale applications.
Highlights of Institutional Perspectives
Dragonfly: Bullish on the DeFi, CeFi, and stablecoin sectors, while reducing focus on traditional sectors.
Pantera: Focus on encryptionAI, new Layer 1, and DePINs, and expect further financing growth by 2025.
Multicoin: believes Solana will stand out and bets on the long-term development potential of stablecoins.
Cb Ventures: Focus on the on-chain economy, especially in the consumer applications and financial payment fields.
Ba Labs: Emphasizes the 'fundamental' investment strategy and focuses on projects with practical application scenarios.
Galaxy Ventures: Stablecoins and tokenization are core investments, but cautious about the metaverse.
Hashed: Focus on data infrastructure and institutional-level DeFi, planning to expand global investment layout.
Hack VC: Betting on scalability protocols and stablecoin payments, and believe that the current DeFi field opportunities are rare.
Future Challenges
Regulatory Uncertainty: It is the biggest concern for investors, but 2025 may bring positive progress in the policy environment.
Macro-economic pressure: including geopolitical tensions that may affect overall market sentiment.
Summary
Overall, top encryption venture capital institutions' outlook for 2025 reflects a high degree of attention to stablecoins, encryption AI, DeFi, and other areas, while also expressing confidence in the long-term development of the on-chain economy. These trends not only provide a clear direction for the industry but also present potential opportunities and challenges for investors.