The most valuable cryptocurrency has lost 60% of its value, and the whole crypto market has dropped by $1.4 trillion as a result of falling risk appetite, increasing interest rates, and business failures like Sam Bankman-FTX. Fried's

According to statistics from digital asset management CoinShares, crypto funds had net inflows of $498 million in 2022 compared to $9.1 billion in 2021, illustrating how mainstream finance avoided the sector during its "annus horribilis."

According to James Malcolm, head of FX strategy at UBS, he spent 70% of the first half of the year talking about cryptocurrency with customers. Comparatively, last month when traveling for 10 days throughout North America from Montreal to Miami, "I spent less than 2% of my time talking crypto."

Cryptocurrencies were realistically considered as being two or three years away from being accepted by mainstream institutional investors even last year, before the downturn started in November, Malcolm said.

"Right now, it's all in the far, far future."

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