One of the remarkable features of the crypto implosion is how little damage is seemingly being inflicted on mainstream finance. Some companies have made small investments in crypto firms, including FTX. But the broader exposure appears very limited. Even the hapless Credit Suisse seems to have avoided this one.

In a way, this is rather surprising, as the industry has a record of running towards any bubble it sees, working hard to inflate it and then paying a heavy price when it bursts.