If the giveaway ended before the game got bundled or given away for free then it won't get retroactively reduced. But updates to these can happen years later even.
For any game you can see the date when it got reduced in value near the top right, for example Golden Light got 0 CV-d in Oct 15, 2025, any giveaway ending before then got some CV for it.
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If the CV of a game is reduced because it was given away for free or bundled; then it's just as the other comment says.
However CV is also based on the current full price of the game in the steam store. So if the price is permenantly reduced in the store, then all giveaways for that game will be reduced to match. Even those made before the price change.
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It was given to you in detail some time ago: https://www.steamgifts.com/go/comment/C135id4
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Hi, so i made a giveaway with a game that costs like 20$ but they gave free keys on some site, i was like damn i can level up here maybe but it didnt give me anything :( is it normal cuz the game was given for free or ?
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