Public token sales have collapsed to ~$46.8M in Feb 2026, down ~93% from mid-2025, but the capital did not disappear.

It moved private, with billions still being deployed off-market, which tells you this is a distribution shift, not a liquidity crisis.

What stands out is how selective everything became. ROI is concentrated in a few launchpads, while most are flat or negative, and sectors like infra and DeFi are absorbing the bulk of capital.

Retail access is shrinking, and the market is reverting back to a capital formation model where insiders position early and distribution happens much later.
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