Crypto exchange BitMEX was built to weather the current market turmoil caused, in part, by the failure of three U.S. crypto-friendly banks within a week, said Stephan Lutz, acting CEO and group chief financial officer.

"The current market situation is actually what BitMEX originally was built for by our founders," he told CoinDesk TV's "First Mover" on Tuesday.

"Since the end of last year, we think we have been through the valley of death," he added. "We see positive signs in the market and we are able to reap those benefits. We are very grateful that the ecosystem and the community trusts us as a real crypto exchange that is focused on crypto."

Lutz said that if a crypto exchange is focused on derivatives, is safe, segregates client assets and has limited to no connection to the fiat world, it is likely thriving. BitMEX, which outlines its 2023 predictions in a new report, is seeing a rise in its volumes and market share.