Purely conjectural, but the Series A crunch that the media likes to sell us on, really really fear-mongering. If you look at the spread of $ to startups, it's on a constant rise. The problem here isn't the "crunch", but rather how information is perceived and understood. The Series A crunch MAY possibly be true on a linear perspective, but falsely on a logarithmic look.
My understanding is that the Series A Crunch exists because the number of companies at the seed stage is growing at an even faster rate, so over time there are more and more seed stage companies competing for Series A funding.
this is correct.