A survey of senior crypto investors and executives shows that capital priorities are shifting from decentralized finance (DeFi) to core infrastructure as decision makers focus on liquidity constraints and market plumbing.
The findings come from a new report published by digital assets conference CfC St. Moritz, based on responses from 242 participants at the invitation-only event in January. Respondents included institutional investors, founders, top executives, regulators and family office representatives.
According to the survey, 85% of respondents selected infrastructure as their top funding priority, ahead of DeFi, compliance, cybersecurity and user experience.
While expectations for revenue growth and innovation remain generally positive, respondents identified liquidity shortages as the most pressing risk facing the sector. The results suggest that investor interest remains, but capital deployment is becoming more selective.
Respondents on crypto innovation. Source: CfC St. Moritz
Infrastructure takes priority because liquidity problems persist
Respondents pointed to market depth and settlement capacity as major bottlenecks preventing larger pools of institutional capital from entering the crypto markets.
About 84% of respondents described the macroeconomic backdrop as better than neutral for cryptocurrency growth, although many said existing market infrastructure remains insufficient for large-scale capitalization.
The research also revealed a change in innovation expectations. While a majority expect innovation to accelerate in 2026, fewer respondents expect a sharp increase compared to last year, indicating a shift from more speculative expectations to execution-oriented development.
This shift aligns with broader industry trends, including a focus on custody, clearing, stablecoin infrastructure and tokenization frameworks rather than consumer-facing applications.
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US sentiment is improving as IPO expectations decline
The survey showed a sharp improvement in perceptions of the US regulatory environment, with respondents ranking the country as the second most favorable jurisdiction for digital assets, after the United Arab Emirates.
CfC St. Moritz attributed the shift to stablecoin legislation and clearer rules for banks and regulated market participants.
At the same time, expectations for cryptocurrency IPOs cooled after what respondents described as a record year in 2025. While most still expect listings to continue, fewer companies have expressed much confidence, citing valuation resets and liquidity constraints.
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