I disagree with your statement on multiple levels. First, a highly liquid market tends to make speculation less profitable because your opportunities are arbitr

I disagree with your statement on multiple levels. First, a highly liquid market tends to make speculation less profitable because your opportunities are arbitraged away that much more rapidly. Second, speculators are not necessarily bad and add further liquidity to a market by taking the side that others may not be willing. Third, a liquid market will of course still have speculators, but will be less vulnerable to distortion from truly malicious actors because it is more difficult to move a highly liquid market. An illiquid and opaque market is worse in almost every sense. When things get bad, price discovery is much more difficult and bad actors can actually have outsized influence by cornering what little liquidity there is. You seem to be biased against speculators, but the actors you should be actually biased against are market manipulators.