2022 has been a record year for venture capital funding in the crypto space, but a decline in the second half may foreshadow a prolonged slowdown, according to new research from investment firm Galaxy Digital. There have been 415 crypto-focused venture funds launched so far this year with a collective $121 billion raised, but only $32 billion in venture capital has been deployed since the start of the year. “Due to tumultuous crypto market conditions in May and June, funds are likely pushing their fall fundraising to Q4 to allow markets to recalibrate,” Galaxy researchers notes in their third quarter venture funding update, released Friday.