By the end of the summer, crypto markets were showing signs of stabilizing. The leverage in the ecosystem had apparently been purged from the markets and investor confidence began to return to crypto. The CoinDesk Market Index (CMI) rose to a summer high level of $1,092 on September 12th. Confidence was returning to the markets, driven by FTX, a large exchange and custodian, who rescued large CeFi lender, BlockFi, from bankruptcy. The seemingly strong FTX, led by founder Sam Bankman-Fried, continued to invest in crypto companies, bailed out many distressed startups, and was seen as the strongest company in crypto.
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