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Recorded at Hack Seasons Hong Kong in collaboration with MPOST and HSC Asset Management, this panel explores one of the defining questions in digital assets today: where is capital actually flowing in crypto? As markets evolve, investors are becoming more selective. The conversation dives into how funds are allocating across infrastructure, exchanges, venture ecosystems, and emerging sectors, and how risk is being assessed in a more disciplined environment. From AI integration and foundational infrastructure to real-world adoption and sustainable revenue models, the panel highlights what is attracting serious capital and what is being left behind. Panel Moderator: • Nikita Sachdev, CEO & Founder, Luna PR Panel Speakers: • Kelvin Koh, Co-Founder, Spartan Group • Mo Shaikh, Co-Founder & General Partner, Maximum Frequency Ventures • John Fiorelli, Partner, Kenetic • Nenter Chow, BitMart The message is clear: capital is no longer chasing narratives. It is backing infrastructure, scalability, and long-term market viability.