গ্যালাক্সি রিসার্চ: ক্রিপ্টো স্টার্টআপের মূল্যায়ন শীর্ষে পৌঁছেছে, কিন্তু মূলধন আহ্বানের আকার 40% হ্রাস পেয়েছে। 23/10 তারিখে, গ্যালাক্সি রিসার্চ 2026 তম তৃতীয় ত্রৈমাসিকের জন্য VC Vital Signs রিপোর্ট প্রকাশ করে, যা ক্রিপ্টো ব্যবসাগুলির উপর ঝুঁকিপূর্ণ বিনিয়োগের অবস্থা আপডেট করে। - ডেটা একটি পরস্পরবিরোধী প্রবণতা দেখায়: ব্যবসাগুলির মূল্যায়ন অব্যাহতভাবে বৃদ্ধি পাচ্ছে, অথচ প্রতিটি লেনদেনের মধ্যকালীন আহ্বানিত অর্থের পরিমাণ উল্লেখযোগ্যভাবে হ্রাস পেয়েছে। *আমি তিনটি বিষয়কে সংক্ষেপে উপস্থাপন করতে চাই। 1. বিনিয়োগকারীদের মূলধন এখনও প্রাথমিক পর্যায়ের প্রকল্পগুলিতেই কেন্দ্রীভূত - 2026 তম তৃতীয় ত্রৈমাসিকে, pre-seed লেনদেনগুলি মোট লেনদেনের 25% অংশগ্রহণ করে, যখন পরবর্তী পর্যায়ের ব্যবসাগুলি 24% অংশগ্রহণ করে। - এটি দেখায় যে, শুধুমাত্র পণ্য এবং আয়-উৎপন্নকারীদেরই নয়, নতুন-শুরুকারীদেরও বিনিয়োগকারীদের আকর্ষণকারী। => তবে,এটি pre-seed-এর 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 1575387937788874378437437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784378437843784379265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692656926569265692 *এইভাবে, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা, pre-seed-এরা,preseeds are not necessarily attracting more capital than other stages. 2. Valuation up but deal size down – According to Galaxy Research, the valuation of crypto startups funded by VCs reached approximately $90 million — the highest in the tracked data series. – Meanwhile, median deal size declined from $5 million in Q2 to around $3 million in Q3 — a 40% drop. – These two metrics reflect different aspects: valuation reflects the enterprise value established during funding rounds; deal size reflects actual capital raised. => Rising valuations alongside smaller funding amounts may indicate that funds continue to accept high valuations but are more cautious about disbursement scale. *However, changes in the composition of surveyed companies may also affect these statistics. 3. How does VC capital flow impact the crypto market? – It’s important to distinguish between investment in crypto companies and actual token buying activity on secondary markets. – Most VC deals involve equity stakes or private investment agreements with varying terms on valuation caps, allocation schedules and lock-up periods. – Therefore, rising startup valuations do not necessarily mean corresponding increases in token FDV — nor do they suffice to conclude that the altcoin market is entering a new growth cycle. => If this trend continues, crypto projects may still access capital at relatively high valuations — but will need to accept smaller fundraising amounts and demonstrate more efficient capital usage. Source: @glxyresearch Galaxy Research – VC Vital Signs, 23/10/2026