This bear market will be defined by simple survival
In a few years the number of active teams will be under 10% of what it was last bear
Liquidity will concentrate on these "unkillables" and we will see another wave of expansion on their backs
Stay patient, stay alive
Pre-seed crypto deals have fallen off a cliff β by quarter:
Q4 β24: 345
Q1 β25: 117
Q2 β25: 104
Q3 β25: 55
Q4 β25: 31
Q1 β26: 5
source: the block