In the first quarter of 2025, financing activities in the Web3 sector showed a trend of capital concentration but a decline in the number of transactions. The total financing amount reached 7.70 billion USD, nearly matching the 7.90 billion USD in the fourth quarter of 2024, indicating that the scale of funds remains substantial. However, the number of transactions decreased significantly, reflecting changes in capital allocation in the market. This article, written by Robert Osborne, provides a detailed analysis of the impact of this phenomenon on founders and investors.