That should actually be a red flag about the data. When you see a rapid, precipitous decline in deals but amounts don't change, you have to look at the data.

How do you get a rapid, precipitous decline in deals without an expected decrease in dollars? Use a data source that a) is liable to miss deals[1] and b) will classify multi-million dollar rounds involving institutional/venture investors as "seed"[2][3].

[1] Per my other comment I work with a startup that raised a public seed round in Q4 that is not listed in Crunchbase.

[2] https://www.crunchbase.com/organization/skydio

[3] https://www.crunchbase.com/organization/north-technologies