A survey of senior crypto investors and executives indicates capital priorities are shifting away from decentralized finance (DeFi) toward core infrastructure as decision-makers prioritize market plumbing and liquidity solutions.
The findings come from a report published by the digital asset conference CfC St. Moritz, based on responses from 242 invitation-only attendees in January, including institutional investors, founders, C-suite executives, regulators and family office representatives.
Eighty-five percent of respondents picked infrastructure as their top funding priority, ahead of DeFi, compliance, cybersecurity and user experience. While expectations for revenue growth and innovation remain broadly positive, respondents flagged liquidity shortages as the industry’s most pressing risk, suggesting investor interest persists but capital deployment is becoming more selective.
Respondents identified market depth and settlement capacity as key bottlenecks preventing larger pools of institutional capital from entering crypto markets. About 84% described the macroeconomic backdrop as better than neutral for crypto growth, though many said existing market infrastructure remains insufficient for large-scale capitalization.
The survey also showed tempered innovation expectations: most expect acceleration in 2026, but fewer anticipate a sharp increase compared with last year, signaling a move toward execution-focused development over speculative bets. This aligns with broader trends prioritizing custody, clearing, stablecoin infrastructure and tokenization frameworks rather than consumer-facing apps.
Perceptions of the U.S. regulatory environment improved sharply, with respondents ranking the country as the second-most favorable jurisdiction for digital assets after the United Arab Emirates—an improvement CfC St. Moritz attributes to clearer stablecoin and banking rules. Expectations for crypto initial public offerings cooled following a record 2025; while listings are still expected to continue, confidence has eased amid valuation resets and liquidity constraints.
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