CfC St. Moritz 2026 Report: Capital Shifts to Infrastructure as U.S. Regains Ground

The smartest money in crypto is recalibrating. The CfC St. Moritz Report 2026, released today, captures the thinking of 242 senior decision-makers across crypto and traditional finance — including institutional investors, founders, C-suite executives, and regulators — all drawn exclusively from the invitation-only CfC St. Moritz conference.

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Overall sentiment remains constructive but more measured. The report’s Pulse Sentiment Score came in at 68%, down from 73% in 2025, signaling a shift away from speculative optimism toward durability, infrastructure, and liquidity discipline.

This isn’t bearishness — it’s maturity.

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The U.S. Rebounds as Regulatory Perception Shifts

One of the most striking changes is geographic. In just one year, the United States jumped from last place to second place in perceived regulatory favorability. While the UAE still holds the top spot, its lead has narrowed significantly, reflecting growing confidence that U.S. crypto policy is stabilizing.
 
For global capital allocators, regulatory credibility is becoming as important as innovation.

When asked where capital will flow next, respondents were decisive: 85% ranked infrastructure as a higher priority than DeFi, compliance, cybersecurity, or UX.

Even after Bitcoin’s weak close to 2025, more than half of investors still described the macro environment as “highly conducive” — but only for projects building foundational rails, not speculative layers.

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IPO Momentum Expected to Slow

After a record 11 crypto IPOs raising $14.6B in 2025, expectations are cooling.
 
Investors still expect public listings and venture activity in 2026, but with lower intensity, higher scrutiny, and increased consolidation risk. The easy IPO window appears to be closing.

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Liquidity Is the Biggest Red Flag

Despite rising institutional interest, liquidity shortages are now viewed as the single greatest risk to the sector.
 
Markets are still widely perceived as insufficiently deep for large-scale TradFi capital, even as involvement grows. Notably, 107 respondents now believe: “TradFi is taking over crypto” — a figure up more than 50% year over year.

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 Nicolo Stöhr, CEO of CfC St. Moritz, summed it up succinctly:

This is informed capital speaking. The shift is toward infrastructure, liquidity, and regulatory credibility — and the U.S. is being reassessed in real time.

Nicolo Stöhr, CEO of CfC St. Moritz

The report offers a rare, unfiltered view into how top allocators are positioning for the year ahead — not based on X narratives, but on capital constraints, market structure, and execution reality.
 
The full CfC St. Moritz Report 2026 is available here: https://cfc-stmoritz.com/knowledge-center