A widening gap between VC pricing and public market caps signals a reset after narrative-driven optimism cooled.

Crypto venture capital firms poured billions into early-stage tokens during 2025’s risk-on rebound, but many of those bets are now trading far below their headline fundraising values.

The growing gap between private funding numbers and public market caps highlights a market reset after narrative-driven optimism cooled.

Data recently shared by CryptoRank shows dozens of well-funded projects losing hundreds of millions, and in some cases nearly all, of their implied value once tokens reached open markets, raising fresh questions about pricing discipline during…