To put that in perspective, AI’s share of global venture funding sat at 30% as recently as 2022. That one deal represented more than 40% of the entire quarter’s global venture deployment. What this means for crypto-focused VCsThe squeeze is hitting crypto-native venture funds particularly hard. PitchBook and OECD data indicate that the bifurcation in venture capital is more than just a temporary state — it is a structural change. The non-AI segments of venture capital are now competing for a shrinking pool of capital under tighter terms and with extended fundraising timelines.