📈 Crypto M&A in 2025 is on track for a record year: - 2024: 222 deals (ATH) - 2025 YTD: 185 deals, ~84% of 2024 - 2025 pace: ~28.5/month, could exceed 340 deals 📉 Big crypto fund launches have collapsed: - 2022: 136 funds over $100M. - 2025 YTD: only 13.
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