A new report from CB Insights, released on Thursday, found that fundraising dropped by 34% from approximately $4.2 billion in 2018 to $2.8 billion in 2019. This drop in the total amount raised was in contrast to a much smaller reduction in the total number of deals that fell from 822 to 807. The report pointed to a lack of large deals in 2019 as the cause behind the sharp reduction, compared to raises in 2018 that included Bitmain’s $400 million, Coinbase’s $300 million and Hyperchain’s $234 million. In 2019, the largest deals were Ripple’s $200 million and Figure’s $103 million. Although total fundraising fell in 2019, it was still markedly higher than 2017’s total of $1.2 billion. Among its other findings, the report highlighted that over the past five years, enterprise funding was eclipsed by approximately seven-fold relative to other applications and that from 2015-2019, the proportion of deals for US companies fell from 51% to 31%, while those for Chinese companies rose from 2% to 22%. Alex Kern, an Analyst for CB Insights explained that mining operations and the growth of the cryptoasset exchange, Binance contributed to this shift towards China.