Brazilian investors used to invest a much smaller amount and assume much less risk than the ones in US. Even with those big amounts and frequence in investing I still believe that there are lots of interesting statups being funded and some of them will succeed.

Also the "crunch" mentioned is nothing more than what is expected form Startups, a very risky environment where 1 out of 100 or out of a 1000 survive.

If the investors don't think this way, they won't have so large portfolios to spread their money in.