The Day Crypto Crashed: BitMEX CEO Explains October 10

Sneha Agrawal December 13, 2025 | 12:36 PM UTC

What really happened during the massive crypto crash on 10th October that wiped out billions in minutes? In this episode of Voice of Web3, we sit down with Stephan Lutz, CEO of Bitmex, to decode the real story behind the market chaos.

From liquidation cascades and exchange stability, to market makers, multi-asset margining, and the rise of Perpetual DEXs like Hyperliquid, Stephan breaks down complex market mechanics in a way both beginners and seasoned traders can understand.

Stephen also examines institutional interest, noting Bitcoin and major layer-one blockchains as sustainable assets, while most retail-driven tokens may fade unless backed by utility, yield, or reference value with a viable revenue model.

If you trade with leverage, invest in altcoins, or want to know how Wall Street really operates inside crypto, this is a must-watch.

Also Watch: Coinbase Ventures’ Jonathan King on Web3 Funding 

Stephan Lutz

Stephan Lutz

Speaker

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