Bullish releases August 2026 monthly metrics

Bullish’s August 2026 data show a strong rebound in monthly trading activity versus July but lower volumes and spreads than a year earlier.

Rhea-AI Summary

Bullish (BLSH) reported August 2026 monthly metrics, including trading volumes, average trading spreads and volatility for BTC and ETH.

Total trading volume in August 2026 was $42.5 billion, up from $30.7 billion in July 2026 (approximately 38% higher), but below the $48.8 billion recorded in August 2025 (about 13% lower). Total spot volume reached $35.8 billion, rising from $29.1 billion in July 2026 (around 23% higher) and down from $44.3 billion a year earlier. Options volume increased to $4.7 billion from $0.2 billion in July 2026, while perpetual futures volume was $2.0 billion versus $1.5 billion in July and $4.6 billion in August 2025.

The average trading spread across products was 2.13 bps, down from 2.62 bps in July 2026 and slightly below 2.25 bps in August 2025. BTC annualized volatility averaged 30% in August 2026, and ETH volatility averaged 39%, both lower than July 2026 and August 2025. The company said the metrics are unaudited, preliminary for the current quarter and may differ from final SEC-filed results.

Positive

• Total trading volume $42.5B in August 2026, approximately 38% higher than July’s $30.7B
• Total spot volume $35.8B in August 2026, about 23% above July’s $29.1B
• Options trading volume rose to $4.7B in August 2026 from $0.2B in July 2026
• Perpetual futures volume increased to $2.0B in August 2026 from $1.5B in July 2026

Negative

• Total trading volume $42.5B in August 2026, roughly 13% below August 2025’s $48.8B
• Total spot volume $35.8B in August 2026, about 19% lower than August 2025’s $44.3B
• Perpetual futures volume $2.0B in August 2026 versus $4.6B in August 2025, approximately 57% lower
• Average trading spread fell to 2.13 bps in August 2026 from 2.62 bps in July 2026, implying lower revenue per unit of volume
• Options average trading spread declined to 0.14 bps in August 2026 from 1.09 bps in July 2026
• BTC and ETH volatility fell versus July 2026 and August 2025, which can reduce trading opportunities

Market Context

Bullish's July 2026 monthly-metrics release coincided with a -3.36% 24-hour move; that prior observa...

Analysis

Bullish's July 2026 monthly-metrics release coincided with a -3.36% 24-hour move; that prior observation provides a directly comparable operating-metrics reference for August's unaudited report.

Key Figures

Total Trading Volume: $42.5B Spot Trading Volume: $35.8B Options Trading Volume: $4.7B +4 more

Total Trading Volume

$42.5B

August 2026

Spot Trading Volume

$35.8B

August 2026

Options Trading Volume

$4.7B

August 2026

Perpetual Trading Volume

$2.0B

August 2026

Average Trading Spread

2.13 bps

August 2026

BTC Average Volatility

30%

August 2026

ETH Average Volatility

39%

August 2026

Historical Context

1 past event · Latest: Aug 06

1 event

1. Aug 06

   Monthly metrics

   24h Move

   -3.4%

   July metrics reported $30.7B total volume and a 2.62 bps average spread

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

central limit order book, automated market making, perpetual futures, annualized volatility, +1 more

5 terms

central limit order book technical

"integrating a high-performance central limit order book matching engine"

A central limit order book is a continuously updated electronic list that shows buy and sell orders for a stock in one place, sorted by price and time. Think of it as a public marketplace bulletin board where the highest offers to buy and the lowest offers to sell meet and get matched; it matters to investors because it determines real-time price formation, liquidity, and how quickly large trades can be executed without moving the market.

automated market making technical

"with automated market making to provide deep and predictable liquidity"

Automated market making is an electronic system that uses pre-set rules to constantly quote prices and buy or sell a security so trades can happen without a human middleman. Think of it like a vending machine that always lists a price and accepts trades: it makes it easier to buy or sell quickly, usually lowers the gap between buying and selling prices, and therefore affects transaction costs and how easily investors can enter or exit positions.

perpetual futures financial

"changes in fair value of perpetual futures, and rebates"

Perpetual futures are contracts that let investors bet on an asset’s price without a set expiration date, combining the ability to use borrowed funds with a recurring small payment or receipt that keeps the contract price close to the actual market price. They matter because they offer continuous, high-leverage exposure and deep liquidity—useful for quick trading and price discovery—but also raise the risk of forced exits and amplified losses, so they change how investors manage risk.

annualized volatility technical

"converted to an annualized volatility by multiplying it by the square root of 365"

A measure of how much a security's returns tend to fluctuate over a one‑year period, expressed as the standard deviation of returns scaled to a year. It gives investors a sense of the typical size of price swings (think of it as how “bumpy” a ride would be if short‑term ups and downs were projected over a full year), and is used to compare risk, size positions, and price derivatives.

MiCAR regulatory

"regulated under MiCAR as a crypto asset service provider"

MiCAR is a regulatory framework from the European Union that sets rules for crypto assets and the firms that issue, trade, or manage them, like a traffic code for digital tokens and the services around them. It matters to investors because it aims to reduce fraud and operational risk, increase transparency, and create consistent rules across markets so crypto offerings and platforms become easier to compare and potentially safer to hold or trade.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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GEORGE TOWN, Cayman Islands, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for August 2026 on Tuesday, September 8, 2026.

These metrics include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum. For definitions and additional information regarding these metrics, please refer to the monthly metrics packages available on investors.bullish.com.

About Bullish

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.

Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com, a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.

For more information, please visit bullish.com and follow LinkedIn and X.

Use of Websites to Distribute Material Company Information

We use the Bullish Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

Contacts

Media: media@bullish.com

Investor Relations: investors@bullish.com

Source: Bullish

Additional Information & Disclosures

This monthly metrics package provides certain limited purpose monthly performance results of Bullish. This information is presented without commentary and should be read together with our most recent quarterly and annual results and our filings with the U.S. Securities and Exchange Commission (SEC), which are available on our Investor Relations website at investors.bullish.com.

The information provided is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the quarter, as reported in our SEC filings, might vary from the information provided in this monthly metrics package.

Bullish expects to release monthly metrics packages for the prior month’s performance after the end of each month.

We use our Investor Relations website (investors.bullish.com) and our X account (x.com/bullish) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the SEC and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.

Definitions

Trading Volume represents the notional value of trades, i.e. the product of the quantity of assets transacted and the trade price at the time the transaction was executed. The quantity represents the total U.S. dollar equivalent value of matched trades transacted between a buyer and seller through our platform during the period of measurement.

Average Trading Spread represents total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage of the trading volume for the period. Management reviews this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates, for insight into the average revenue generated per unit of trading volume on our platform.

Volatility is calculated using 1-minute price intervals from Coindesk Data's Adaptive Diversified Liquidity Index for BTC and ETH. We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes, which provides a more granular view of price fluctuations. This daily figure is then converted to an annualized volatility by multiplying it by the square root of 365, a standard practice for making risk metrics comparable over a one-year period.

Monthly Metrics Report for August 2026
(Unaudited)
	2025													2026
	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec		Jan	Feb	Mar	Apr	May	Jun	Jul	Aug
(B - in billions)
Trading Volume ($B)
Spot - BTC	34.6	30.9	43.2	39.2	32.8	19.9	20.8	18.2	16.4	38.2	38.4	25.9		22.5	41.8	29.1	20.9	16.8	26.9	16.7	17.6
Spot - ETH	18.3	19.2	14.9	10.9	12.0	9.5	11.1	12.8	8.8	15.1	14.1	9.6		8.4	12.9	8.0	5.4	3.4	4.9	3.0	3.7
Spot - Stablecoin	19.4	20.9	17.0	13.3	10.3	8.1	12.9	8.6	8.1	19.6	18.4	13.8		11.2	19.0	13.2	9.6	7.4	10.8	7.3	7.9
Spot - Other	4.8	3.8	2.7	2.2	2.6	2.4	4.0	4.6	4.1	4.6	4.4	2.9		3.4	3.7	2.7	2.1	2.5	2.9	2.2	6.6
Total Spot	77.1	74.8	77.7	65.5	57.6	39.9	48.8	44.3	37.3	77.5	75.3	52.2		45.4	77.4	52.9	38.0	30.0	45.5	29.1	35.8
Options								0.0	0.0	0.0	2.8	6.2		4.8	3.6	3.2	5.6	0.9	2.3	0.2	4.7
Perpetual	6.6	7.8	8.0	6.8	5.8	4.1	5.0	4.6	2.2	3.0	2.7	2.6		2.0	3.1	4.4	3.4	2.0	3.1	1.5	2.0
Total Trading Volume	83.7	82.5	85.7	72.3	63.4	44.0	53.8	48.8	39.6	80.5	80.8	61.1		52.2	84.1	60.4	46.9	32.9	50.9	30.7	42.5
Average Trading Spread (bps)
Spot	2.14	1.97	1.87	1.65	1.55	1.58	1.76	2.55	1.96	1.75	1.94	1.82		1.74	2.22	2.01	2.05	2.40	2.84	2.71	2.53
Options								1.00	0.93	1.29	1.34	1.66		1.95	2.42	1.86	2.50	1.65	0.59	1.09	0.14
Perpetual	(1.06)	(1.41)	(2.38)	(1.47)	(0.86)	(1.22)	(0.80)	(0.65)	0.21	(2.67)	(0.13)	(0.30)		(0.61)	0.37	0.09	(0.08)	(0.12)	(0.14)	1.21	(0.32)
Average Trading Spread	1.90	1.65	1.47	1.36	1.32	1.32	1.52	2.25	1.86	1.59	1.85	1.71		1.67	2.16	1.86	1.95	2.23	2.56	2.62	2.13
Monthly Average Volatility
BTC	48%	44%	50%	44%	33%	28%	27%	28%	23%	38%	45%	39%		33%	61%	48%	35%	28%	47%	32%	30%
ETH	60%	78%	69%	70%	67%	54%	54%	60%	42%	58%	68%	53%		46%	82%	60%	44%	36%	67%	44%	39%
* Figures presented may not sum precisely due to rounding

FAQ

Where can investors access the full August 2026 monthly metrics package for Bullish?

The complete August 2026 monthly metrics package, including detailed data and definitions, is available on the Bullish Investor Relations website at investors.bullish.com. The company also uses its X account at x.com/bullish to share information that may be relevant to investors.

How does Bullish define trading volume and average trading spread?

Trading Volume is the notional value of trades, calculated as the product of the quantity of assets transacted and the trade price, expressed in U.S. dollar equivalent for matched trades on the platform in the period. Average Trading Spread represents total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage of trading volume, and reflects cost of trading, changes in fair value of perpetual futures and rebates.

How are the BTC and ETH volatility metrics calculated in Bullish’s report?

Volatility is calculated using 1-minute price intervals from CoinDesk Data’s Adaptive Diversified Liquidity Index for BTC and ETH. The standard deviation of these minute-by-minute price changes is computed daily, then converted to an annualized volatility by multiplying by the square root of 365, which makes the risk metric comparable on a one-year basis.

Are the August 2026 metrics audited and final?

The monthly metrics are unaudited. For the months within the most recent fiscal quarter, the figures are preliminary, based on estimates and subject to completion of financial closing procedures. Final quarterly results reported in SEC filings may differ from the values in the monthly metrics package.

How often does Bullish plan to release its monthly metrics packages?

Bullish expects to release monthly metrics packages for the prior month’s performance after the end of each month, providing ongoing updates on trading activity, spreads and volatility.