The crypto deal machine has essentially stalled. Blockworks Research tracked just 44 total deals announced in July, a number that would look more at home in a single week of a healthy market than an entire month.
To put that in perspective: Q1 2026 logged 355 deals worth roughly $4 billion. July managed 44. That is not a slowdown. That is a near-stop.
Breaking down the numbers
Of those 44 deals, 41 were fundraising rounds, 2 were mergers and acquisitions, and 1 was a debt financing arrangement.
Compare this to the Q1 pace: 355 deals across roughly 90 days works out to about four deals per day. July’s 44 deals across 31 days is closer to one and a half per day. The velocity has dropped by more than half, and the absolute numbers suggest the decline accelerated sharply as the quarter progressed.
