Cryptocurrency prices have recovered considerably since the summer. By October 6, the global market was worth approximately $3 trillion, according to CoinGecko, compared with $2.1 trillion at the end of June. Bitcoin accounted for nearly 58% of the total. Yet the market remained roughly one-third below its October 2025 peak of about $4.4 trillion.

The recovery changes the question facing investors. The issue is now how much of that improvement can support durable businesses after a downturn that exposed weak revenue models and dependence on repeated fundraising.

Recent financing figures suggest that the recovery is reaching companies unevenly. Established platforms are attracting substantial commitments, while smaller…