According to data disclosed by Cheeky Rolo, financing activities in crypto markets slowed significantly in January 2025, with 125 publicly disclosed projects raising a total of US$1.5 billion, completing a total of 205 transactions. Among them, World Liberty Financial's public token issuance accounted for one-fifth of the total financing amount in January, becoming one of the most watched financing events in the month. Against the backdrop of the overall market downturn, the $150 million Series C funding completed by crypto wallet Phantom became a highlight with a valuation of $3 billion. The round was participated by top institutions such as Sequoia Capital, Paradigm and A16z Crypto. Analysts believe that in the environment of stricter supervision and frequent risk events on centralized exchanges, non-custodial wallet solutions are gaining favor from more investors.