Ben McMillan, chief investment officer at IDX Digital Assets, said the rising popularity of blockchain-based tools including decentralized exchanges and decentralized finance had also been an important development this year. "We could see bigger allocations to digital assets once risk appetite resumes in 2023." Bitcoin and other tokens took a hammering, slumping by over half in just 49 days from the end of May. On a single day in June, bitcoin fell over 15%, its worst day since March 2020 when COVID chaos roiled financial markets. Bitcoin fell by a quarter in less than four days as Bankman-Fried scrambled for funds to bail his exchange out.

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