A survey of crypto investors favors infrastructure over DeFi.
A survey of top crypto investors and executives suggests that capital priorities are shifting away from decentralized finance (DeFi) and toward core infrastructure, with decision makers focusing on liquidity constraints and market pipelines.
The findings are based on responses from 242 attendees at an invitation-only event held in January at the digital asset conference CfC St. Moritz comes from a new report published. Respondents included institutional investors, founders, C-suite executives, regulators and family office representatives.
According to the survey, 85% of respondents chose infrastructure as their top funding priority ahead of DeFi, compliance, cybersecurity and user experience.
While expectations for revenue growth and innovation are broadly positive, respondents identified liquidity as the industry's most pressing risk. The results indicate that investor interest remains, but capital allocation is becoming more selective.
Infrastructure takes priority
Respondents pointed to market depth and settlement capacity as key barriers preventing large pools of institutional capital from entering crypto markets.
84% of respondents described the macroeconomic background as neutral for crypto growth, although many said existing market infrastructure was insufficient for large capitalization.
The study also showed changes in innovation expectations. While the majority expects innovation to accelerate in 2026, a few respondents expect a significant increase compared to last year, suggesting a shift from more speculative expectations to performance-oriented development.
This shift aligns with broader industry trends, including a focus on security, clearing, stablecoin infrastructure, and tokenization frameworks rather than consumer-facing applications.
Related: CoreWeave shows how crypto-era infrastructure is quietly the backbone of AI
As IPO expectations cool, US sentiment improves
The survey showed a significant improvement in perceptions of the US regulatory environment, with respondents ranking the country as the second preferred jurisdiction for digital assets after the United Arab Emirates.
CfC St. Moritz attributed the change to stable coin legislation and clear rules for banks and regulated market participants.
At the same time, expectations for crypto initial public offerings have cooled, after respondents described 2025 as a record year. While most still expect listings to continue, they expressed slightly higher confidence, citing valuation resets and liquidity constraints.
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