The cryptocurrency venture capital market remained sluggish in November, continuing the slowdown trend since the second half of 2025, with funds mainly concentrated in a few mature large companies, while fundraising for new startup teams has clearly cooled.
According to data from Galaxy Digital, although the overall venture capital amount rose to $4.65 billion in the third quarter of this year, the number of transactions did not grow in sync, with funds still mainly flowing to larger and more mature enterprises.
The data for November continued the same trend. According to RootData's monthly report statistics, there were only 57 publicly announced crypto investment cases that month, making it one of the weakest months of the year. However, the month included two major financing cases, namely Revolut's $1 billion and Kraken's $800 million. RootData pointed out that investment cases in November were mainly concentrated in the three major areas of CeFi, DeFi, and NFT/GameFi.
While part of the decline in trading volume can be attributed to a weak market environment, its long-term effects cannot be overlooked. Sarah Austin, co-founder of the real-world asset (RWA) gaming platform Titled, told the media:
Investing during tough times often reveals the best opportunities, so the prolonged slump in trading volume may ultimately have a negative impact on the entire industry.
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