According to Pitchbook's incomplete statistics, the related M&A activity in the vertical field of cryptocurrency and blockchain has not been active this year. The total transaction volume of related cases this year has decreased by nearly 60% compared with last year, and the total amount has decreased by nearly two-thirds. In these M&A activities (including acquisitions, acquisitions, or both), the two financing amounts of the exchanges Poloneix and Bitstamp last year (both $400 million) were huge, significantly increasing the total amount of financing and financing. What needs to be added is that, in addition to the amount already announced, there are still some M&A transactions that have not yet been announced, so they are not included in the statistics. However, if 2018 is excluded, there will still be an increase in the average purchase amount in 2019 compared with 2017, and this portion of the transaction will account for about 50% of the amount of funds, from 200 million US dollars to 300 million US dollars. The transaction volume of the top ten M&A transactions in 2018 is estimated to be nearly $1.2 billion. The top four M&A cases are Poloneix ($400 million), Bitstamp ($400 million), Earn.com ($120 million) and CryptoGlobal ($80.7 million). . The top eight M&A case transactions this year are about $300 million. The top four cases are Kraken Futhures ($100 million), Coins.ph ($72 million), Xapo ($55 million), and CoinGreek Mining ($34.8 million). .