Analysis: A survey of crypto investors shows that capital preferences are tilting towards infrastructure, followed by DeFi investment.

According to a survey released by the Odaily asset conference CfC St. Moritz, crypto investors and executives are shifting their investment focus from decentralized finance (DeFi) to core infrastructure development. Based on responses from 242 attendees at an invitation-only event in January, including institutional investors, founders, executives, regulators, and family office representatives, the survey results show that 85% of respondents listed infrastructure as their top investment priority, surpassing DeFi, compliance, cybersecurity, and user experience.

Liquidity shortages are considered the most pressing risk in the industry, with market depth and settlement capabilities being key bottlenecks limiting large-scale institutional capital inflows. While most respondents held positive expectations for revenue growth and innovation in 2026, the anticipated level of radical innovation was lower than last year, indicating that investors are more focused on practical implementation rather than speculative innovation. Regarding industry trends, capital is flowing more towards core infrastructure such as custody, clearing, stablecoin infrastructure, and tokenization frameworks, while consumer-facing application development is relatively neglected. The survey shows that approximately 84% of respondents believe the macroeconomic environment is generally favorable for crypto development, but existing market infrastructure is still insufficient to support large-scale capital inflows. Overall, institutional investors are shifting their strategic focus from high-risk applications to building the infrastructure for the long-term sustainable development of the crypto market. (Cointelegraph)