Investors have ploughed cash into crypto and blockchain companies at an unprecedented pace in 2022, but some say this trend will slow as the bear market diminishes their appetite for risky speculative investments.

Crypto and blockchain companies raised at least around $26.4 billion across 992 deals in the first five months of the year, triple the $8.8 billion recorded in the same period last year, according to data from Dove Metrics, a crypto fundraising database.