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Bullish says July Ethereum spot volume fell 73% year over year

Bullish reported total unaudited monthly trading volume of $30.7 billion, down 39.7% month over month, with Ethereum spot volume dropping to $3.0 billion from $4.9 billion in June.

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Bullish, a crypto exchange operator tied to CoinDesk, reported that its July Ethereum trading activity declined sharply even as its average trading spread widened. The exchange said Ethereum spot volume fell 73.0% year over year to $3.0 billion, after $11.1 billion in July 2025 and $4.9 billion in June.

Bullish also said its total unaudited monthly trading volume was $30.7 billion in July, down 39.7% from June. It attributed a partial offset to wider trading spreads, with the average trading spread rising to 2.62 basis points in July from 2.56 basis points in June, versus 1.52 basis points a year earlier.

Using its filing-based volume-times-spread proxy, CoinDesk’s subsidiary and affiliate showed the derived metric fell 38.3% month over month and 1.6% year over year, indicating the wider spread nearly offset the year over year volume decline in that calculation but not the larger month over month drop.

Bullish defined trading volume as the dollar-equivalent notional value of matched buyer-seller trades executed through its platform, excluding customer assets, balances, and deposits. The company also noted the July monthly package was unaudited and that figures are preliminary, meaning the data should be treated as an early read on activity rather than finalized financial performance.

Latest closeEthereum $1,913.87 ▲0.6%

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