{"id":552766,"date":"2026-08-07T07:00:39","date_gmt":"2026-08-07T06:00:39","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=552766"},"modified":"2026-08-07T09:33:48","modified_gmt":"2026-08-07T08:33:48","slug":"coindesk-owner-bullish-volume-fell-43-but-a-72-spread-jump-nearly-offset-the-annual-decline","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/coindesk-owner-bullish-volume-fell-43-but-a-72-spread-jump-nearly-offset-the-annual-decline\/","title":{"rendered":"Ethereum volume plunged 73% on Bullish, but a 72% spread jump saved its monthly bottom line"},"content":{"rendered":"<p>CoinDesk's subsidiary and affiliate Bullish reported a 42.9% year-over-year drop in July trading volume even as its company-defined average trading spread widened 72.4%.<\/p>\n<p>The two figures produced a derived volume-times-spread proxy that remained slightly below its level a year earlier, so the wider spread did not fully counter the loss of activity on that calculation.<\/p>\n<p>The exchange operator reported\u00a0a\u00a0<a href=\"https:\/\/cryptoslate.com\/trading\/\" target=\"_blank\" rel=\"noopener\">total trading volume<\/a>\u00a0of $30.7 billion in\u00a0<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1872195\/000143774926026045\/ex_985305.htm\" target=\"_blank\" rel=\"noopener\">unaudited monthly metrics<\/a> released Aug. 6, down\u00a039.7% month over month.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/crypto-exchanges-are-losing-retail-traders-but-are-filling-the-gap-with-wall-street-style-bets\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Crypto exchanges are losing retail traders but are filling the gap with Wall Street-style bets<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>Average trading spread rose to 2.62 basis points from 2.56 basis points in June and 1.52 basis points a year earlier. Multiplying each period\u2019s volume by its spread gives over $8 million for July, compared with $13 million in June and $8.2 million in July 2025.<\/p>\n<p>The derived proxy fell 38.3% month over month and 1.6% year over year. July\u2019s wider spread came close to balancing the year-over-year volume decline in this calculation, but the much larger drop from June remained.<\/p>\n<figure id=\"attachment_552793\" aria-describedby=\"caption-attachment-552793\" style=\"width: 720px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-86bf1922-0051-41ec-b29e-34abbbfcd44e.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-552793\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-86bf1922-0051-41ec-b29e-34abbbfcd44e.png\" alt=\"Bullish July 2026 trading volume, average spread and derived proxy compared with June 2026 and July 2025\" width=\"720\" height=\"1080\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-86bf1922-0051-41ec-b29e-34abbbfcd44e.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-86bf1922-0051-41ec-b29e-34abbbfcd44e-200x300.png 200w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-86bf1922-0051-41ec-b29e-34abbbfcd44e-683x1024.png 683w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-86bf1922-0051-41ec-b29e-34abbbfcd44e-768x1152.png 768w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/a><figcaption id=\"caption-attachment-552793\" class=\"wp-caption-text\">July 2026 volume fell 42.9% year over year to $30.7 billion as average spreads rose 72.4% to 2.62 basis points.<\/figcaption><\/figure>\n<p>Those dollar values result from multiplying two rounded inputs in the filing and cannot establish the company\u2019s profitability.<\/p>\n<p>Bullish defines average trading spread from commissions relative to volume and says it also reflects changes in the fair value of perpetual futures and rebates. It is consequently broader than a conventional quoted bid-ask spread or a pure fee rate.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/the-next-crypto-recovery-trade-might-be-equities-instead-of-tokens\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">The next crypto recovery trade might be equities instead of tokens<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>Total spot volume fell to $29.1 billion in July from $45.5 billion in June and $48.8 billion a year earlier, declines of 36% and 40.4%, respectively. Within spot trading, <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum volume<\/a> dropped to $3 billion from $4.9 billion in June and $11.1 billion in July 2025, a 73% year-over-year decline.<\/p>\n<p>Bullish defines trading volume as the dollar-equivalent notional value of matched buyer-seller trades executed through its platform. The figure excludes customer assets, balances, and deposits, so the decline alone does not demonstrate customer flight or financial stress.<\/p>\n<p>The <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1872195\/000143774926007417\/blsh20251231_20f.htm\">company\u2019s annual report<\/a> provides the <a href=\"https:\/\/cryptoslate.com\/companies\/coindesk\/\">CoinDesk<\/a> relationship used to identify Bullish, and its July package remains the source of the operating data.<\/p>\n\n<div class=\"cs-article-embed\">\n    <a href=\"https:\/\/cryptoslate.com\/bullish-buys-coindesk-as-crypto-media-shakeups-continue\/\" class=\"cs-article-embed__link\">\n        <div class=\"cs-article-embed__body\">\n            <span class=\"cs-article-embed__related-reading\">Related Reading<\/span>\n            <h3 class=\"cs-article-embed__title\">Bullish buys CoinDesk as crypto media shakeups continue<\/h3>\n        <\/div>\n        <span class=\"cs-article-embed__arrow\" aria-hidden=\"true\">\n            <i class=\"fa-light fa-arrow-up-right\"><\/i>\n        <\/span>\n    <\/a>\n<\/div>\n\n<p>Bullish said the monthly package is unaudited and that figures for months in the latest fiscal quarter are preliminary estimates subject to closing procedures.<\/p>\n<p>Final quarterly results may differ, so the July data should be viewed as an early indication of activity rather than of reported financial performance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A filing-derived volume-times-spread proxy slipped 1.6% year over year and 38.3% from June despite the wider company-defined spread.<\/p>\n","protected":false},"author":1264,"featured_media":552897,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77952,39,77968,6849],"tags":[81073,76769,79770,76128,72190],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - 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