I think what should be mentioned in the article is bridge rounds. I know various startups that have done it. In my feeling, at least half of the 38% would be explained by VCs raising bridge rounds for their existing portfolio companies.

Rather than come clean that all your valuations came down by 2-3x (the reality of what valuations are circulating on the market nowadays) just do things like raise convertible note with a cap of last round valuation and don't announce it on pitchbook/crunchbase.

It's not easy for VCs to just pause investing or invest in some other stuff than their "thesis" - some have agreements legally binding on what they would invest in and timeframes for spending the capital.