Bullish July volume drops 43% as spread rises 72%

Bullish released unaudited monthly metrics on Aug. 6 showing total trading volume of $30.7 billion in July, a 42.9% decline from July 2025 and a 39.7% drop from June.

The company’s average trading spread rose to 2.62 basis points in July, up from 1.52 basis points a year earlier and 2.56 basis points in June. Using the company-defined spread, multiplying reported volume by spread produces a derived proxy of just over $8.0 million for July.

That derived volume‑times‑spread proxy was about $13.0 million in June and roughly $8.2 million in July 2025. The proxy fell 38.3% month over month and 1.6% year over year.

Spot trading made up the bulk of July activity, with spot volume at $29.1 billion, down from $45.5 billion in June and $48.8 billion in July 2025. Ethereum spot volume declined to $3.0 billion in July from $4.9 billion in June and $11.1 billion a year earlier, a 73% year‑over‑year decrease.

Bullish defines average trading spread as commissions relative to volume and says the measure also reflects changes in the fair value of perpetual futures and rebates, making it broader than a quoted bid‑ask spread or a pure fee rate. The filing notes the dollar values produced by multiplying rounded inputs do not establish profitability.

The monthly metrics are unaudited and described by the company as preliminary estimates for months in the latest fiscal quarter; final quarterly results may differ after closing procedures. Bullish defines reported trading volume as the dollar‑equivalent notional value of matched buyer‑seller trades executed on its platform and states that the figure excludes customer assets, balances and deposits.