Crypto VC funding just hit $659M in April - a near two-year low and a 74% drop from peak levels. Bitcoin closed April up 12% and hit its best monthly gain in a year. Those two facts in the same sentence tell you everything about where we are in this cycle: price is recovering, but builders are not getting funded. Smart money is buying the asset, not the startups built on top of it. 74% VC decline is not a blip. It reflects a structural shift: after the 2022-2023 collapse wiped out a generation of crypto startups, VCs are being far more selective. They want revenue, real users, and regulatory clarity before writing checks. The CLARITY Act deadline on May 25 may be the unlock - if legislation passes, expect VC appetite to return fast. If it fails, the funding drought extends another cycle. Price up, VC down. Is this the calm before a builder renaissance once regulation clears, or is the era of crypto VC excess permanently over? What sector would you fund right now if you had $10M to deploy? #CryptoVCDrops74%