Bullish releases July 2026 monthly metrics
Rhea-AI Summary
Bullish (NYSE: BLSH) reported unaudited monthly metrics for July 2026, covering trading volumes, average trading spreads and Bitcoin/Ethereum volatility across its spot, options and perpetual futures products. Total trading volume was $30.7 billion, down from $50.9 billion in June 2026 and $53.8 billion in July 2025.
Total spot volume reached $29.1 billion, versus $45.5 billion in June 2026. July 2026 spot volumes included $16.7 billion in BTC, $3.0 billion in ETH, $7.3 billion in stablecoins and $2.2 billion in other assets. Options volume was $0.2 billion and perpetual futures volume $1.5 billion. The overall average trading spread increased to 2.62 bps, compared with 2.56 bps in June 2026 and 1.52 bps in July 2025. Monthly average volatility in July 2026 was 32% for BTC and 44% for ETH, both lower than in June 2026. According to Bullish, these metrics are preliminary for the current quarter and may differ from final SEC-reported results; full definitions and historical data are available on its investor relations website.
Positive
- Average trading spread rose to 2.62 bps in July 2026 from 2.56 bps in June 2026
- July 2026 average trading spread of 2.62 bps exceeded July 2025 level of 1.52 bps
- Overall BTC and ETH annualized volatility in July 2026 at 32% and 44% remained within the disclosed historical range
Negative
- Total trading volume declined to $30.7B in July 2026 from $50.9B in June 2026
- Total July 2026 trading volume of $30.7B was below July 2025’s $53.8B
- Spot trading volume fell to $29.1B in July 2026 versus $45.5B in June 2026
- BTC spot volume decreased to $16.7B in July 2026 from $26.9B in June 2026
- ETH spot volume declined to $3.0B in July 2026 compared with $4.9B in June 2026
- Perpetual futures volume dropped to $1.5B in July 2026 from $3.1B in June 2026
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 24 | Equiniti acquisition update | Neutral | -1.2% | Siris exercised its option to acquire three non-core Equiniti businesses. |
| Jul 24 | Equiniti acquisition update | Positive | -1.2% | Equiniti acquisition received UK, US and Germany competition law clearances. |
| Jul 13 | Leadership appointment | Neutral | -5.6% | Thomas Cowan was appointed Head of Tokenization following the Equiniti agreement. |
| Jul 07 | Monthly metrics release | Neutral | -3.0% | Bullish released unaudited June trading volume, spreads and volatility metrics. |
| Jun 29 | Regulatory approval | Positive | +1.7% | GFSC approved Bullish trading in issuer-sponsored tokenized securities. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across the five selected prior events, four produced negative reactions despite neutral or positive event framing, while the GFSC approval aligned with a positive reaction.
Key Terms
micar regulatory
central limit order book matching engine technical
bps financial
annualized volatility technical
standard deviation technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
GEORGE TOWN, Cayman Islands, Aug. 06, 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 July 2026 on Thursday, August 6, 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 July 2026 | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr | May | Jun | Jul | ||
| (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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | ||||||||
| 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 | |
| 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 | |
| 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 | |
| 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 | ||||||||
| 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 | |
| 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 | |
| Monthly Average Volatility | ||||||||||||||||||||
| BTC | ||||||||||||||||||||
| ETH | ||||||||||||||||||||
| * Figures presented may not sum precisely due to rounding | ||||||||||||||||||||
