PANews February 4 News, according to CoinDesk, the latest report released by the Swiss St. Moritz Crypto Finance Conference shows that as traditional financial institutions play a more significant role in the crypto industry, market optimism regarding initial public offerings (IPOs) of crypto companies is waning. The report points out that after a record-breaking year in 2025 where 11 companies raised a total of $14.6 billion through IPOs, market sentiment indicates a cooling of IPO enthusiasm and rising risks of consolidation. Of the 242 respondents, 107 believe that “traditional finance is taking over the crypto industry,” a ratio that has increased by over 50% year-over-year. Liquidity shortages are seen as the biggest current risk. Despite the cooling of IPO expectations, participants noted improvements in the crypto regulatory environments in the US and the UAE. The US jumped from the bottom position last year to second place in the regulatory friendliness ranking, reflecting increased market confidence; the UAE maintained its leading position. As a result, the boom around cryptocurrency company listings is weakening.