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Crypto fundraising in November experienced a significant increase compared to previous months, with Bitcoin miners leading the way. According to research by market intelligence platform Messari, Bitcoin miners Northern Data and Phoenix Group raised over half of the total amount accumulated by the crypto venture capital market. In total, 98 deals worth $1.75 billion were inked in November, a substantial jump from October’s $750 million. The top ten deals alone were worth more than $1.4 billion and involved various crypto projects. Northern Data secured the top spot by raising over $600 million in funds, followed by Phoenix Group with $370 million. Other notable deals included investments in Bitcoin miner Bitfarms and decentralized AI infrastructure startup Ritual. The average deal size increased by 50% from October, reaching $7.5 million. The heavy funding received by Bitcoin miners suggests that venture capitalists are optimistic about higher Bitcoin prices, especially with the upcoming halving event. Despite the recent rally of cryptocurrencies, private market flows have not seen the same level of growth. This may indicate that investors are in a ramping-up stage that has yet to translate into announced deals.