Bullish, the subsidiary and affiliate that owns CoinDesk, experienced a 42.9% year-over-year decrease in trading volume for July, a period that also saw the company's defined average trading spread widen by 72.4%.

According to unaudited monthly metrics released on August 6, the exchange operator's total trading volume for the month was $30.7 billion. This represents a 39.7% decline from the previous month.

Spread Growth vs. Volume Decline

A derived proxy, calculated by multiplying volume by spread, reveals the interplay between these two trends. While July's wider spread nearly balanced the year-over-year volume drop in this calculation, a much larger decrease from June persisted. The proxy slipped by 1.6% compared to the prior year and fell 38.3% from June, even with the wider company-defined spread.

The average trading spread climbed to 2.62 basis points, up from 2.56 basis points in June and a significant increase from 1.52 basis points a year earlier. Multiplying the volume and spread for each period results in a figure over $8 million for July. This compares with approximately $13 million in June and $8.2 million in July 2025. It is important to note that these dollar values are the product of two rounded inputs from the filing and are not sufficient to determine the company's profitability.

Volume and Spread Definitions

Bullish provides specific definitions for its metrics. The average trading spread is determined by commissions relative to volume and, as the company states, also incorporates changes in the fair value of perpetual futures and rebates. This makes it a broader measure than a standard quoted bid-ask spread or a simple fee rate.

The company defines its trading volume as the notional value, in U.S. dollar equivalents, of trades matched between buyers and sellers on its platform. This calculation does not include customer assets, balances, or deposits. Consequently, a decline in this figure alone does not serve as direct evidence of customer departures or financial distress.

Detailed Volume Breakdown

A closer look at the data shows that total spot volume decreased to $29.1 billion in July. This was a 36% drop from June's $45.5 billion and a 40.4% decline from the $48.8 billion recorded a year prior.

Within the spot trading category, Ethereum volume experienced a steep 73% year-over-year decline. The volume fell to $3 billion in July from $4.9 billion in June and $11.1 billion in July 2025.

Data Disclosures

The source for this operating data is Bullish's July package. The relationship between Bullish and CoinDesk is outlined in the company’s annual report.

Bullish has stated that the monthly package is unaudited. Moreover, the figures for months within the current fiscal quarter are considered preliminary estimates that remain subject to closing procedures. As such, final quarterly results could differ from these figures. The July data should therefore be interpreted as an early indicator of business activity rather than a statement of reported financial performance.