Confused by the most recent KPMB CB Insights report on fintech investing in the third quarter? We were too. Especially on what’s next for blockchain and robo advisors in North America.

So we dialed up KPMG Fintech Practice Lead Anthony Rjeily who parsed the contradictory comments on these sectors.

First blockchain, which the report says rather ominously will come under “more rationale assessments” — a phrase that says to us the money won’t be coming so readily to all the blockchain startups materializing to solve every conceivable problem on the planet, except the common cold. And yet, just a few slides later another partner cites “positive momentum” for blockchain and robos as opposed to payments and lending (thanks Lending Club!).

Rjeily says neither sector is suffering from what could even be considered a “pause.” Rather, he says the various fintech sectors are hitting different points in the maturity cycle. In blockchain, Rjeily explains: “We are starting to see concentration around leading players or solutions.” Rjeily backs off from the idea that investors are now more aggressively picking the ultimate winners for the blockchain race but are thinking more strategically about the next stage in the lifecycle of the sector. The clients he speaks with are digging a little deeper into what the sector can and can’t do and focusing on the “new capabilities they would like to get.” For example, clients are more likely to invest in banks working on proof-of-concept or solutions for swaps, trading, and money transfers.

This shift also is likely to translate into fewer but bigger transactions, a move that may already be occurring. In 4Q 2015, blockchain companies drew $33 million in 19 investments, for an average of $1.7 million per deal. Last quarter, they garnered $87 million in just 13 deals, an average of $6.7 million per deal.

And now for robo advisory, which is suddenly facing intense competition from established players such as Schwab et al. Entrenched money managers like Schwab have serious advantages if they choose to go the robo route — they have distribution, clients, and the ability to move money from one part of their platform to another pretty seamlessly, says Rjeily.

Will this scare off investment in robos?

“I don’t know,” says Rjeily. “The hypothesis needs to be validated.” The coming year will reveal whether investors continue to bet on the startups in robo advisory. According to the report, Europe, Asia, and India were upbeat on robos, and seeing the potential for a return on their money.

Meanwhile, a number of founders have grumbled to us that the numbers aren’t terribly meaningful — we’re not talking tens of thousands of transactions. Large deals can swing comparisons easily. And yet, we can’t resist noting when dollar value falls sharply (as it did in North America and Europe but not Asia).  “The numbers need to be smoothed,” concedes Rjeily. And it’s better to look at annual trends rather than quarterly — as irresistible as it sometimes is for all the financial scorekeepers to keep tabs inning by inning.