Several blockchain startups that once commanded venture capital valuations approaching $1 billion are now trading at market capitalizations that represent only a fraction of those figures, as tightening liquidity forces a broad reset across the crypto sector.
Data compiled by CryptoRank highlights the scale of the correction across multiple high-profile projects. Humanity Protocol, which previously carried a VC valuation of around $1 billion, now has a market capitalization of roughly $285 million. Fuel Network has seen an even steeper decline, falling from a similar valuation to about $11 million, while Bubblemaps—also once valued near $1 billion—now trades at approximately $6 million.
“During bull markets and narrative-driven hype cycles, venture capital firms tend to assign aggressive valuations,” CryptoRank’s venture deals tracker, Fundraising Digest, said in a post on X. “Once sentiment fades or narratives lose momentum, projects face a reality check and market prices reset those inflated figures.”
The ongoing crypto market downturn has brought into sharp focus the disconnect between private venture valuations and public market pricing, underscoring how elevated many project valuations became during the previous bull cycle.
Smaller-Valuation Projects See Similar Pressure
The valuation gap extends beyond billion-dollar startups to projects with more modest funding histories. Plasma, once valued at approximately $500 million, now trades at around $224 million. ICNT has declined from a $470 million venture valuation to a market cap near $247 million, while DoubleZero, last valued at roughly $400 million, currently sits at about $373 million.
Other projects exhibit even more pronounced disparities. Camp Network and Treehouse, both previously valued near $400 million, now carry market capitalizations of roughly $15 million and $16 million, respectively. Everlyn has dropped from an estimated $250 million valuation to about $26 million, while SoSoValue has slipped from $200 million to roughly $152 million.
Overall, the data illustrates a widespread repricing across the crypto industry, as public markets recalibrate expectations and bring valuations closer in line with current liquidity conditions and investor sentiment.
“That’s why it’s crucial for investors to remain level-headed and assess risk across a range of possible outcomes before committing capital,” Fundraising Digest said.
Crypto VC Funding Remains Weak
Venture capital funding in the crypto sector stayed muted in November, extending a slowdown that has continued into late 2025, according to Cointelegraph.
Although total capital raised was bolstered by a small number of large funding rounds, overall deal activity remained sluggish. Only 57 disclosed funding rounds were recorded during the month, highlighting continued caution among investors.
Notable raises—including Revolut’s $1 billion round and Kraken’s $800 million funding ahead of its expected initial public offering—helped support headline investment figures. However, these high-profile deals have largely obscured ongoing weakness in early- and mid-stage crypto investment.
