Bullish July Trading Volume Plunges 40% to $30.7B, Reversing June Rebound
BLSH is trading near its 52-week low of $20.55 (12% above the low).
Summary
Bullish reported a 40% month-over-month drop in July trading volume to $30.7 billion, reversing June's strong rebound and hitting the lowest level since May, just one week before Q2 earnings.
Key Events · Earnings and Guidance · BLSH
-
July Volume Collapses 40%
Total trading volume fell to $30.7 billion in July, down 39.7% from $50.9 billion in June, reversing the prior month's 54.7% surge.
-
Spot BTC and ETH Volumes Tumble
Spot BTC volume dropped 38% to $16.7 billion, and spot ETH volume fell 39% to $3.0 billion, both hitting multi-month lows.
-
Spreads Widen Slightly
Average trading spread increased to 2.62 bps from 2.56 bps in June, suggesting marginally higher trading costs for users.
-
Volatility Declines
BTC volatility fell to 32% from 47% in June, and ETH volatility dropped to 44% from 67%, potentially reducing trading activity.
Analysis · BLSH · Crypto Assets
Bullish's July metrics show a sharp reversal from June's recovery, with total trading volume dropping 39.7% month-over-month to $30.7 billion — the lowest since May. Spot BTC volume fell 38% to $16.7 billion, and spot ETH volume collapsed 39% to $3.0 billion. The decline comes despite a 54.7% surge in June that had signaled a potential turnaround. Average trading spreads widened slightly to 2.62 bps, indicating marginally higher trading costs. The data raises concerns about the sustainability of volume growth and revenue generation ahead of Q2 earnings on August 13.
At the time of this filing, BLSH was trading at $23.09 on NYSE in the Crypto Assets sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $20.55 to $118.00. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.