Crypto venture capital firms are struggling to raise new funds, with major firms pivoting away entirely and half of Paradigm’s team departing in two months.

The VC Fundraising Crisis

Commitments to crypto VC funds remain at historic lows and didn’t recover during Bitcoin‘s (CRYPTO: BTC) generational bull run, according to crypto founder Miya.

Miya, who runs crypto hedge fund operations, spoke to numerous VCs—both traditional finance and crypto-focused—in the past month.

Close to nobody was optimistic about raising for another crypto fund. “Crypto as we know it is over,” Miya wrote.

While risk appetite inside venture capital has been off the charts for other sectors over the…

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