Survey Finds Crypto Investors Prioritise Core Infrastructure Over DeFi Projects
St. Moritz, Switzerland – 4 Feb 2026 – A fresh poll of senior players in the digital‑asset space indicates a decisive tilt toward funding the underlying plumbing of the market rather than the next wave of decentralized‑finance (DeFi) applications. The study, released by the CfC St. Moritz conference, gathered responses from 242 invite‑only participants in January, spanning institutional investors, founders, C‑suite executives, regulators and family‑office representatives.
What the numbers say
- Infrastructure leads the pack – 85 % of respondents named core market infrastructure as their top capital‑allocation target, outpacing DeFi, compliance, cybersecurity and user‑experience initiatives.
- Liquidity is the chief risk – A majority flagged insufficient market depth and settlement capacity as the most pressing threat to broader institutional participation.
- Macro backdrop improves – Roughly 84 % view the current macro‑economic environment as at least neutral, if not favourable, for crypto‑related growth.
- US regulatory sentiment rises – The United States climbs to the second‑most attractive jurisdiction for digital assets, trailing only the United Arab Emirates, a shift attributed to recent stable‑coin legislation and clearer guidance for banks.
- IPO optimism cools – While listings are still expected to continue, confidence in large‑scale crypto IPOs has dipped compared with the record‑setting year of 2025, as investors re‑evaluate valuations and liquidity constraints.
Context and analysis
The CfC St. Moritz event, known for convening high‑level decision‑makers, offers a snapshot of where the industry’s “money‑talk” is heading. The pivot to infrastructure reflects growing acknowledgement that the sector’s scalability hinges on reliable custody solutions, clearing mechanisms, stable‑coin frameworks and token‑isation standards. Without such foundations, larger pools of institutional capital remain hesitant to commit, a sentiment echoed by the 84 % who cited market‑depth bottlenecks as a barrier.
The survey also hints at a modest recalibration of optimism regarding innovation. While most participants anticipate an acceleration of new developments in 2026, fewer forecast the dramatic surge that characterised the previous year. This suggests a maturing market that is moving from speculative experimentation toward execution‑focused projects with tangible, revenue‑generating potential.
The improved perception of the U.S. regulatory climate is notable. Stable‑coin legislation introduced earlier this year—and clarified rules for banks and regulated market participants—appear to have softened the “regulatory risk” premium traditionally associated with U.S. crypto activity. Nonetheless, the UAE retains the top spot, underlining the global competition for favourable digital‑asset policy environments.
Finally, the cooling of IPO expectations serves as a reminder that the exuberance of 2025’s “record IPO year” may have been a peak rather than a baseline. Analysts interpret the shift as a natural market correction, with investors demanding stronger fundamentals and clearer pathways to liquidity before committing to public market exits.
Key takeaways
- Capital is flowing to infrastructure – With 85 % prioritising it, the next wave of funding will likely target custody, settlement and stable‑coin ecosystems.
- Liquidity remains a bottleneck – Market‑depth deficiencies are the leading risk, limiting institutional inflows.
- Regulatory clarity in the U.S. is gaining traction – Recent stable‑coin rules are improving the jurisdiction’s attractiveness.
- IPO enthusiasm is tempering – Valuation resets and liquidity worries are prompting a more cautious outlook on public listings.
- Innovation outlook is steady but measured – Growth in new crypto solutions is expected, though the pace may be less explosive than in the previous year.
The full CfC St. Moritz report can be accessed through the conference’s knowledge centre.
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