Bullish Trading Volume Falls 42.9%, Average Spread Widens 72.4%

Bullish, CoinDesk's subsidiary and affiliate, reported a significant decline in trading volume for July. The exchange operator saw a year-over-year drop of 42.9% to $30.7 billion. Despite this, the average trading spread widened by 72.4%, which partially offset the loss in activity.

The company-defined average trading spread rose to 2.62 basis points from 1.52 basis points in July 2025 and 2.56 basis points in June. The total trading volume for July was $30.7 billion, down 39.7% month over month.

Within spot trading, Ethereum's volume dropped by 73% year-over-year to $3 billion. Bullish defines trading volume as the dollar-equivalent notional value of matched buyer-seller trades executed through its platform, excluding customer assets and balances.