Webull Sees 300% Jump in BTC, ETH Buy Orders After Rule Repeal

Webull's retail base is trading Bitcoin and ETH in higher volumes since the repeal of the pattern day trading rule in June.

The company's CEO, Anthony Denier, said that there was a nearly 300% increase in buy-side orders for BTC and ETH over the past week and a half.

This surge is attributed to the rule change, which allowed most users with accounts under $25,000 to day trade unrestricted assets. The average account on Webull holds roughly $5,500, below the old PDT threshold.

Denier also credited recent Treasury purchase operations for sparking the broader Bitcoin rally, which contributed to a record weekly gain in June.

The rule change has already shown up in Webull's financials. Revenue rose from $160 million in the first quarter to near $200 million in the second, following the repeal of the PDT rule.