In the second quarter of 2026, the number of independent investors involved in investments in encryption fell to 651, down significantly from 2564 created in 2022, down by almost six years. This shows that the participation in the encrypted financing market is narrowing and that funds are more concentrated in the hands of a few professional bodies.
It's higher than 2022.
This figure is significantly lower than the previous peak. On a quarterly basis, the number of investors in the second quarter of 2026 is not only well below the peak of 2022 but is also close to the low range of recent years.
Open data also show that the number of participants was even lower in the quarter of 2020 alone, when the number was roughly 250 to 450. In contrast, the current level is higher than in 2020, but has returned to the lows of many years.
Financing participation continues to narrow
The decline in the number of investors reflects the fact that the financing of the encryption industry is no longer as widely dispersed as in previous cycles. It is mentioned that wind-out activities are increasingly concentrated on a smaller range of professional investors.
This means a decline in the participation of some non-core agencies and general financial investors, while funding with industry experience, long-term configuration and higher-risk affordability is becoming the main source.
Market focus on follow-up rehabilitation
Next, the market will look at whether investor participation has recovered, with emphasis on improved financing conditions and the recovery of overall market sentiment.
Investor coverage may be expanded again if the financial environment is relaxed and industry valuations warm; if markets remain cautious, financing activities may continue to be dominated by a few institutions.