Crypto VC fundraising hit $18.2B across 902 deals in 2025: nearly double 2024 levels. But December showed cracks: capital dropped 77% from $3.1B in Nov to just $700M. The number of rounds also fell, hinting at deeper caution. Meanwhile, AI and robotics are gaining investor mindshare fast, with robotics alone raising $13.8B in 2025: a new record. Crypto is now competing with every exponential tech narrative for capital. Can the sector sustain long-term growth without regaining narrative dominance?