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Bullish trading activity fell in July even as spreads widened

Bullish said July unaudited total trading volume was $30.7 billion, down 39.7% month over month, while spot volume slipped to $29.1 billion.

Reported · Written up by our desk · Market Structure

CoinDesk affiliate Bullish reported a sharp drop in July trading volume, even as its company-defined average trading spread widened, according to filing-derived metrics summarized by CryptoSlate.

Bullish’s July trading volume fell 42.9% year over year, while the average trading spread rose 72.4%, leaving a derived volume-times-spread proxy slightly below its year-earlier level. On a month over month basis, total trading volume fell 39.7% to $30.7 billion, and the proxy dropped 38.3%.

The wider spread came close to offsetting the year-over-year decline in that proxy calculation, but it did not fully counter the much larger June-to-July volume slump. CryptoSlate noted the $8 million July versus $13 million June volume-times-spread figures are based on rounded inputs and are not proof of profitability.

Spot trading weakened as well, with spot volume falling to $29.1 billion in July from $45.5 billion in June. Within spot, Ethereum volume declined to $3.0 billion from $4.9 billion in June and $11.1 billion in July 2025, a 73.0% year-over-year drop, while the July monthly package remains unaudited and preliminary.

Latest closeEthereum $1,911.05 ▲0.5%

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