The CfC St. Moritz Report reported a maturing market with infrastructure as the priority and liquidity shortages flagged as the biggest risk.
CfC St. Moritz released the 2026 edition of the CfC St. Moritz Report, capturing the outlook and predictions of 242 senior respondents from crypto and traditional finance.
The CfC St. Moritz Report points to a more measured market outlook despite continued revenue expectations. The Pulse Sentiment Score stands at 68%, down from 73% last year, which the conference said reflects a shift away from hype-driven narratives towards a more sustainable phase.
The report’s findings include a shift in views on regulation. The UAE remained the top jurisdiction for regulatory favourability, but the gap narrowed as the US moved from last to second place within a year, reflecting rising confidence in the market.
Despite Bitcoin’s weak end to 2025, more than half of respondents described the macro environment as “highly conducive”. Infrastructure was ranked the top funding focus by 85% of respondents, ahead of compliance, DeFi, cybersecurity, and user experience.
Shortages are still viewed as the biggest threat to progress, with markets still seen as insufficient for large traditional finance investors, even as interest grows. It also reported that 107 of 242 respondents hold a ‘TradFi is taking over crypto’ view, which is up more than 50% year-on-year.
Sentiment on IPOs is also becoming more cautious. While investors still expect IPO and venture activity in 2026, fewer said they are as confident as in 2025. Responses suggest IPO momentum may cool alongside rising consolidation risk.
Nicolo Stöhr, CEO, CfC St. Moritz, said: “Their responses point to a clear shift in priorities, from hype to infrastructure, liquidity, and regulatory credibility, as well as a rapidly changing view of the US market.”
Read the report here.
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