Bullish releases October 2026 monthly metrics

October trading volumes declined across all reported categories, while spreads increased for spot, options and perpetual futures.

Rhea-AI Summary

Bullish (NYSE: BLSH) reported October 2026 total trading volume of $37.7 billion, down from $48.6 billion in September.

Total spot volume fell to $34.6 billion from $42.2 billion, while options and perpetual futures volumes also declined. Average trading spread, a measure of commissions relative to trading volume, rose to 2.43 basis points from 2.14 in September. One basis point equals 0.01 percentage point. Monthly average Bitcoin volatility was 31%, versus 32% in September; Ethereum volatility was 40%, versus 42%. The metrics are unaudited, and information for months in the most recent fiscal quarter is preliminary.

Positive

• Minor pointSpot trading spread rose to 2.58 basis points in October 2026 from 2.41 in September.
• Minor pointOptions trading spread increased to 0.50 basis points in October 2026 from 0.40 in September.
• Minor pointPerpetual futures trading spread rose to 0.80 basis points in October 2026 from 0.38 in September.

Negative

• Minor pointBitcoin spot volume fell to $17.6 billion in October 2026 from $19.9 billion in September.
• Minor pointStablecoin spot volume declined to $8.2 billion in October 2026 from $9.5 billion in September.
• Minor pointOther spot volume fell to $4.9 billion in October 2026 from $8.4 billion in September.
• Minor pointEthereum spot volume declined to $3.9 billion in October 2026 from $4.5 billion in September.
• Minor pointPerpetual futures volume fell to $1.9 billion in October 2026 from $2.3 billion in September.

2 minor points

• Minor pointOptions volume declined to $1.2 billion in October 2026 from $4.1 billion in September.
• Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary monthly information remains subject to financial closing procedures; final quarterly results might vary.

Key Figures

Total trading volume: $37.7B Average trading spread: 2.43 bps BTC monthly average volatility: 31% +1 more

Total trading volume

$37.7B

October 2026

Average trading spread

2.43 bps

October 2026

BTC monthly average volatility

31%

October 2026

ETH monthly average volatility

40%

October 2026

Historical Context

1 past event · Latest: Oct 06

1 event

1. Oct 06

   monthly metrics

   24h Move

   -2.8%

   Reported September trading volume, spreads, and BTC/ETH volatility on the same monthly basis.

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

Key Terms

micar, central limit order book, perpetual futures, standard deviation

4 terms

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.

central limit order book technical

"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.

perpetual futures financial

"changes in fair value of perpetual futures"

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.

standard deviation technical

"measuring the standard deviation of these minute-by-minute price changes"

A statistical measure of how spread out a set of numbers are around their average; in finance it quantifies how much an asset’s returns typically deviate from their mean over a given period. It matters to investors because it describes volatility—like how bumpy a road is versus smooth—so higher standard deviation means returns swing more widely and helps estimate the typical range of gains and losses.

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GEORGE TOWN, Cayman Islands, Nov. 05, 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 October 2026 on Thursday, November 5, 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 October 2026
(Unaudited)
	2025																									2026
	Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct		Nov		Dec			Jan		Feb		Mar		Apr		May		Jun		Jul		Aug		Sep		Oct
(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		19.9		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		4.5		3.9
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		9.5		8.2
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		8.4		4.9
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		42.2		34.6
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		4.1		1.2
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		2.0		2.3		1.9
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		48.6		37.7
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		2.53		2.41		2.58
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		0.40		0.50
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	)	0.38		0.80
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		2.14		2.43
Monthly Average Volatility
BTC	48	%	44	%	50	%	44	%	33	%	28	%	27	%	28	%	23	%	38	%	45	%	39	%		33	%	61	%	48	%	35	%	28	%	47	%	32	%	30	%	32	%	31	%
ETH	60	%	78	%	69	%	70	%	67	%	54	%	54	%	60	%	42	%	58	%	68	%	53	%		46	%	82	%	60	%	44	%	36	%	67	%	44	%	39	%	42	%	40	%
* Figures presented may not sum precisely due to rounding

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was Bullish's trading volume for October 2026?

Bullish reported $37.7 billion in total October 2026 trading volume, compared with $48.6 billion in September. October included $34.6 billion in spot trading, $1.2 billion in options and $1.9 billion in perpetual futures.

How does Bullish calculate trading volume?

Bullish measures trading volume as the notional value of matched trades on its platform during the measurement period. This is the quantity of assets traded multiplied by the trade price when each transaction was executed, expressed in U.S. dollars.

How does Bullish calculate Bitcoin and Ethereum volatility in its monthly metrics?

Bullish calculates volatility using 1-minute price intervals from CoinDesk Data's Adaptive Diversified Liquidity Index for Bitcoin and Ethereum. It measures the standard deviation of minute-by-minute price changes for daily volatility, then annualizes that figure by multiplying it by the square root of 365.