No one told the crypto world that startup megadeals aren’t as plentiful anymore

According to early data, the pace at which $100 million or more rounds are raised is slowing.

The first quarter's tally of mega-rounds is on pace to undershoot the second quarter's tally, according to an analysis of Pitchbook data. The data from Crunchbase shows a similar decline.

There were fewer rounds worth $100 million or more in the first quarter of the year than there were in the last two quarters of the year.

Money, markets and startups are explored by the Exchange.

You can get The Exchange newsletter every Saturday.

There are fewer large venture capital rounds happening. We anticipated it, given the retrenchment we've seen in software valuations more generally and the fact that the risk climate for private-market dealmaking has become more conservative in recent months. There will be a massive public-market selloff.

While the late-stage venture capital market is becoming more staid, the crypto world is seeing immense deals that are raising hundreds of millions of dollars. The contrast is notable. Let’s talk about it.

It’s still a good time to raise huge rounds

The fact that we are coming off all-time highs makes it hard to grok the changing venture capital market. There were between 100 and 132 venture rounds worth $100 million or more in the first half of the year, but we have to understand that there is still a lot of money flowing compared to the past.

It seems that 2021, will be a high-water mark for venture capital activity. With economic clouds on the horizon and little indication that 2022, will be able to beat last year's tally, anyone betting that 2023 is going to be straight up lit is crazy.