The organizers of the CfC St. Moritz conference have released findings from a January survey of 242 industry professionals, ranging from investors to regulators. The results confirm a trend shift: capital is migrating from decentralized finance into core infrastructure.
Institutions have reshuffled priorities. 85% of respondents ranked infrastructure projects as their top funding target, relegating DeFi, cybersecurity, and UX to the background.
A liquidity crunch emerges as the key risk. Survey participants point to a lack of market depth and insufficient capacity within settlement systems. While 84% of respondents view the macroeconomic backdrop positively, the industry remains technically ill-equipped to accommodate the entry of major capital.
The focus has pivoted from speculative innovation to foundational mechanics: custodial services, clearing, stablecoin backing, and tokenization. Investors are no longer looking for explosive tech growth, but for the systematic refinement of market processes.
Sentiment toward the US regulatory environment has improved sharply. The US took the second spot in the ranking of attractive jurisdictions, trailing only the United Arab Emirates. Clear banking rules and stablecoin legislation drove this positive change.
Against this backdrop, interest in public listings has cooled. Following a record-breaking 2025, confidence in new IPOs has waned due to valuation adjustments and liquidity constraints.
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