Bullish Trading Volume Falls 42.9% YoY in July Amid Wider Spread

Bullish's trading volume in July dropped by 42.9% year-over-year, while its average spread widened 72.4%. The wider spread helped keep the company's derived volume-times-spread proxy close to last year's level, offsetting some of the loss in activity.

The exchange operator reported a total trading volume of $30.7 billion, down 39.7% from June and 40.4% from July 2025. The average trading spread rose to 2.62 basis points from 1.52 basis points in July 2025.

Within spot trading, Ethereum's volume plummeted by 73% year-over-year, from $11.1 billion in July 2025 to $3 billion in July this year. The decline was partly offset by the wider spread, but the much larger drop from June remained a concern.