A comprehensive survey of senior crypto investors and executives reveals a significant shift in capital allocation priorities, with infrastructure now taking precedence over decentralized finance (DeFi). The findings, published in the 2026 CfC St. Moritz Report, are based on responses from 242 attendees of the invitation-only digital assets conference held in January. Respondents included institutional investors, founders, C-suite executives, regulators, and family office representatives.
Infrastructure emerged as the clear funding priority, with 85% of respondents selecting it as their top choice. This category ranked ahead of DeFi, compliance, cybersecurity, and user experience. The shift indicates that decision-makers are focusing on "market plumbing" and core technological foundations, driven by concerns over liquidity constraints and settlement capacity. Respondents identified liquidity shortages as the industry's most pressing risk, with market depth cited as a key bottleneck preventing larger pools of institutional capital from entering crypto markets.
The survey also captured a nuanced sentiment about the macroeconomic environment. While 84% of respondents described the macroeconomic backdrop as better than neutral for crypto growth, many highlighted that existing market infrastructure remains insufficient for large-scale capitalization. Expectations for innovation in 2026 remain positive, but fewer respondents anticipate a sharp increase compared to last year, suggesting a move away from speculative expectations toward execution-focused development.
Notably, perceptions of the U.S. regulatory environment have improved sharply. Respondents now rank the United States as the second-most favorable jurisdiction for digital assets, behind the United Arab Emirates (UAE). CfC St. Moritz attributes this shift to progress on stablecoin legislation and clearer rules for banks and regulated market participants.
Simultaneously, expectations for crypto initial public offerings (IPOs) have cooled following a record year in 2025. While most still expect listings to continue, fewer expressed high confidence, citing valuation resets and liquidity constraints as primary concerns. The overall Pulse Sentiment Score for 2026 stands at 68%, down from 73% in the previous year, signaling a more measured and mature outlook for the industry.
