RootData: The financing amount in the primary market has doubled to a record high, with funds showing a characteristic of "converging towards the top."

According to the “RootData 2025 Web3 Industry Annual Report”, the total financing amount in the crypto primary market will reach $22.73 billion in 2025, a significant year-on-year increase of 120.6%, with the number of merger and acquisition events hitting a historical high.

However, behind the impressive data is a serious structural divergence: the growth is mainly driven by a few large financings from companies like Polymarket and Binance, while the financing environment for early-stage projects continues to deteriorate, with the number of financing deals reaching a five-year low. The overall market is still in a deep clearing phase, with no widespread cyclical recovery signals yet.