Creator economy startups in the U.S. raised less than $700 million in venture funding in the second quarter of this year. That’s 26% less than the previous quarter and marks a fourth consecutive quarter of decline in venture investments tracked by The Information’s Creator Economy Database.

The quarterly drop reflects a decline in the value of crypto-related investments, fewer big late-stage rounds and smaller check sizes overall, after a record year of fundraising for the sector. Funding for creator economy startups dropped more than 60% from the same period last year. Still, more than 25 U.S. startups providing support for online influencers raised venture capital in the quarter—lifting total fundraising to more than $6.6 billion since we started tracking these investments early last year.