Crypto VC Funding Hits $1.65B in October, Kalshi Accounts for 61%

The headline number flatters the month: strip out one prediction-market round and crypto venture funding was actually slightly below September and deal count remains far under year-earlier levels, so capital is concentrating in a handful of large, later-stage names rather than broadening across early-stage projects. The RWA bucket, led by Spiko and Meanwhile, is now a visible slice of a shrinking pie, which matters for builders outside prediction markets and tokenization. Whether Kalshi-style mega-rounds keep masking a thin deal pipeline, and whether RWA raises hold up once the headline distortion fades, is the open question.