November'24 Blockchain Funding Recap

November’s blockchain funding figures reflect a noticeable cooling in the momentum of venture markets. A total of $1.3 billion was raised across 189 deals, marking a 23% decrease from the $1.7 billion recorded in October. This decline is even more pronounced when considering that one large deal significantly skewed the overall funding numbers: Cantor Fitzgerald’s $600 million purchase of Tether shares accounted for 45% of the total financing last month. Excluding this deal, the market saw an even steeper drop in funding activity.

Sub-sector performance further highlights this trend, with five key areas experiencing an average month-over-month funding decline of 62%. Deal velocity followed a similar trajectory, with the number of transactions dropping by 41%, from 321 in October to 189 in November. This marked the first time in 10 months that deal activity fell below 200 deals, making November the slowest month in terms of deal count since January.