November 2025 witnessed a record $14.48 billion in venture capital funding for the cryptocurrency sector, according to CryptoRank analytics. This surge has raised concerns about potential market centralization, as large institutional players increasingly dominate. Ray Youssef of NoOnes cautioned that this trend might shift the ecosystem from grassroots development to one controlled by major investors. Colin Wu pointed out that the impressive funding figure is skewed by a single $10.3 billion acquisition by Naver–Dunamu, while overall venture capital deals actually fell by 28% month-over-month and 41% year-over-year. AMBCrypto's analysis further noted that the recovery in the crypto market remains uneven, with smaller deal sizes persisting in consumer-facing sectors like Web3 and NFTs.