Time flies, doesn’t it? We’re nearly through the first month of Q3, which means we can finally start taking note of the trends that will define the rest of the year, or if long-lasting trends are set to continue.

One such long-running trend shows no signs of reversing: Unfortunately for crypto, a former darling of Startup Land, funding to web3 startups continues to decline and will likely do so for the foreseeable future.

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According to the Crunchbase Web3 Tracker, funding to crypto startups around the world is on pace to decline for the seventh straight quarter — with investments in Q3 on track to land quite a bit below the $1.9 billion crypto companies raised in Q2.

In fact, Q2 actually felt kind of stable, since crypto startups raised only slightly less than the $2 billion they did in Q1.

The current quarter is shaping up to be shakier. VC investments in web3 so far have totaled $412.7 million, and if things don’t improve, that will add up to about $1.2 billion or so by the end of September.