According to AMBCrypto, November 2025 saw a record $14.48 billion in venture capital (VC) funding for the crypto industry, according to CryptoRank analytics. However, the surge has sparked concerns over the potential centralization of the market, as a few large institutional players begin to dominate. Ray Youssef of NoOnes warned that this trend could shift the ecosystem from organic, grassroots development to one where major investors dictate which projects succeed. Meanwhile, Colin Wu noted that the figures are misleading, as a single $10.3 billion acquisition by Naver–Dunamu inflated the total, while overall VC deals dropped by 28% month-over-month and 41% year-over-year. AMBCrypto's analysis also highlighted that the broader recovery remains uneven, with deal sizes still small in consumer-facing sectors like Web3 and NFTs.
Record $14.48B Crypto VC Funding in November Raises Concerns Over Centralization
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