According to @CoinMarketCap, crypto fundraising in 2025 was selective and highly concentrated, producing clear winners, source: @CoinMarketCap on Dec 24, 2025. Funding clustered into fewer but larger rounds, reflecting higher conviction rather than broad risk-taking, source: @CoinMarketCap on Dec 24, 2025. Capital peaked in March and October, marking two distinct fundraising highs during the year, source: @CoinMarketCap on Dec 24, 2025.