CoinDesk owner Bullish volume fell 43%, but a 72% spread jump nearly offset the annual decline
Summary
Bullish reported July unaudited monthly metrics showing $30.7 billion in trading volume, down 39.7% from June and 42.9% from a year earlier. Its average trading spread widened to 2.62 basis points from 2.56 in June and 1.52 a year earlier. A simple volume-times-spread proxy stayed slightly below last year’s level and fell sharply from June, so the wider spread did not offset the lower activity. Spot volume also declined to $29.1 billion, with Ethereum spot volume dropping to $3 billion, down 73% year over year. Bullish defines volume as matched trade notional and says the monthly figures are preliminary and unaudited, so they are an early activity signal rather than final financial results.
