The recovery in Web3 financing doesn't definitively signal an industry bottom. Funding rose to $10.112 billion in 2024, up 8.3% from 2023, with 1,548 deals and a peak of $5.07 billion in March 2025. CeFi and blockchain services led, driven by institutional interest and M&A. However, Q2 2025 saw a cooling, with May funding at a six-month low of $1.92 billion, indicating cautious investor sentiment. While reduced project failures and Bitcoin ETF-driven optimism suggest stabilization, market volatility and regulatory uncertainty persist. A true bottom requires sustained growth and broader adoption.[](https://www.gate.io/learn/articles/gate-research-march-2025-web3-industry-financing-report/8066)[](https://www.gate.com/learn/articles/gate-research-may-2025-web3-financing-panorama-ce-fi-dominates-blockchain-services-thrives-and-compliance-becomes-the-new-magnet/9420)[](https://www.chaincatcher.com/en/article/2162896)