If we look at some projects with investors, as you mentioned, even if we add in Dragonfly, Animoca, and others, the average project currently held by investors or VCs will experience a sharp drop, and they may have already taken profits early.
Projects held by VCs will be hyped for a certain period, and we don't need to hold on to them for too long.
VC is only an indicator that a project has sufficient funding to start, not a guarantee that the technology will run well and be used for a long time. VCs are also looking for profit, they will be attracted by the promised whitepaper, then considering the team that will develop, they may not be interested in buying back the project, if there will be no development or too much change from the first mission from prject team.
VC is not a guarantee that every project will run smoothly. It is just an investor who seeks profit (perhaps just like we do if we have large funds) by entering early. This kind of thing happens a lot, and some of them exit early to get more money and then throw it back into new projects.