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Crypto Report

Q4 2023

Crypto Report

February 14, 2024

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Is crypto bouncing back? 

After a rough year following scandals and collapses, there may finally be some light at the end of the tunnel for crypto. For the first time since Q1 2022, deal value actually increased, hitting $1.9 billion across 326 deals in Q4 2023, according to PitchBook’s latest Emerging Tech Research. The positive sentiment during the quarter was driven by the imminent approval of spot bitcoin ETFs. What the future holds for the vertical, the latest opportunities, and trends investors should be paying attention to are all laid out in PitchBook’s 2023 Q4 Crypto Report.

Table of contents
Vertical update 3
Q4 2023 timeline 5
Crypto landscape 6
Crypto VC ecosystem market map 7
VC activity 8
Emerging opportunities 17
       Centralized market makers 18
       Bitcoin Layer 2 22
Select company highlights 25
       Babylon 26
       Rhinestone 28