i think what they're trying to say is that these firms just look like traditional trading firms, not like defi. opaque backroom billion dollar handshakes go wrong, contagion spreads, ltcm/2008 style.

main difference- there's no government bailout coming.

There'll be a bailout. They don't let the rich folks go poor.

there might be some corporate firesales, but what makes you think any government is going to backstop the crypto market to prevent contagion?