Sam Bankman-Fried is gone. And crypto is back to its favorite activity: a wild speculative rally.

The FTX founder’s trial featured a parade of witnesses detailing a multibillion-dollar fraud at the heart of the crypto market. None of it dented the enthusiasm of crypto investors. During the trial, crypto prices surged on optimism that U.S. regulators would allow an exchange-traded fund that holds bitcoin. Bitcoin is up more than 25% since the start of October and recently touched an 18-month high.