BitMEX CEO Stephan Lutz on Oct. 10, 2025 Liquidations: Regulation Helps, Liquidity Wins

BitMEX Group CEO Stephan Lutz said the Oct. 10, 2025 cascading liquidations functioned as a stress test that highlighted systemic risk created by fragmented liquidity and collateral across crypto venues. He argued that while regulation and frameworks such as MiFID II can provide clarity, derivatives flow will ultimately concentrate where liquidity, execution quality, and infrastructure reliability hold up under peak load.