Webull Sees 300% Boost in Bitcoin and Ether Buy Orders Following Rule Repeal

Webull's retail clients are buying Bitcoin and Ether in record numbers after the repeal of the pattern day trading rule on June 4.

The rule change allowed accounts under $25,000 to trade without restrictions, and Webull CEO Anthony Denier said this led to a nearly 300% increase in buy-side orders for BTC and ETH over the past week and a half.

Denier attributed some of the surge in demand to recent Treasury purchase operations, which have contributed to Bitcoin's record weekly gain.

The rule change has already shown up in Webull's financials, with revenue rising from $160 million in Q1 to near $200 million in Q2, thanks largely to June's addition of unrestricted trading for the bulk of its client base.