{"id":11598,"date":"2026-08-07T06:06:08","date_gmt":"2026-08-07T06:06:08","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=11598"},"modified":"2026-08-07T06:06:08","modified_gmt":"2026-08-07T06:06:08","slug":"coindesk-owner-bullish-volume-fell-43-but-a-72-spread-jump-nearly-offset-the-annual-decline","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=11598","title":{"rendered":"CoinDesk owner Bullish volume fell 43%, but a 72% spread jump nearly offset the annual decline"},"content":{"rendered":"
<\/p>\n
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CoinDesk’s subsidiary and affiliate Bullish reported a 42.9% year-over-year drop in July trading volume even as its company-defined average trading spread widened 72.4%.<\/p>\n
The two figures produced a derived volume-times-spread proxy that remained slightly below its level a year earlier, so the wider spread did not fully counter the loss of activity on that calculation.<\/p>\n
The exchange operator reported\u00a0a\u00a0total trading volume\u00a0of $30.7 billion in\u00a0unaudited monthly metrics released Aug. 6, down\u00a039.7% month over month.<\/p>\n
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Average trading spread rose to 2.62 basis points from 2.56 basis points in June and 1.52 basis points a year earlier. Multiplying each period\u2019s volume by its spread gives over $8 million for July, compared with $13 million in June and $8.2 million in July 2025.<\/p>\n
The derived proxy fell 38.3% month over month and 1.6% year over year. July\u2019s wider spread came close to balancing the year-over-year volume decline in this calculation, but the much larger drop from June remained.<\/p>\nJuly 2026 volume fell 42.9% year over year to $30.7 billion as average spreads rose 72.4% to 2.62 basis points.<\/figcaption><\/figure>\n
Those dollar values result from multiplying two rounded inputs in the filing and cannot establish the company\u2019s profitability.<\/p>\n
Bullish defines average trading spread from commissions relative to volume and says it also reflects changes in the fair value of perpetual futures and rebates. It is consequently broader than a conventional quoted bid-ask spread or a pure fee rate.<\/p>\n
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Total spot volume fell to $29.1 billion in July from $45.5 billion in June and $48.8 billion a year earlier, declines of 36% and 40.4%, respectively. Within spot trading, Ethereum volume dropped to $3 billion from $4.9 billion in June and $11.1 billion in July 2025, a 73% year-over-year decline.<\/p>\n
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Bullish defines trading volume as the dollar-equivalent notional value of matched buyer-seller trades executed through its platform. The figure excludes customer assets, balances, and deposits, so the decline alone does not demonstrate customer flight or financial stress.<\/p>\n
The company\u2019s annual report provides the CoinDesk relationship used to identify Bullish, and its July package remains the source of the operating data.<\/p>\n
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Bullish said the monthly package is unaudited and that figures for months in the latest fiscal quarter are preliminary estimates subject to closing procedures.<\/p>\n
Final quarterly results may differ, so the July data should be viewed as an early indication of activity rather than of reported financial performance.<\/p>\n<\/div>\n
CoinDesk’s subsidiary and affiliate Bullish reported a 42.9% year-over-year drop in July trading volume even as its company-defined average trading spread widened 72.4%. The two figures produced a derived volume-times-spread proxy that remained slightly below its level a year earlier, so the wider spread did not fully counter the loss of activity on that calculation.<\/p>\n","protected":false},"author":1,"featured_media":11599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6074,91,285,441,6072,1884,601,31,2626,129,6073,5284,4506,734],"class_list":["post-11598","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-annual","tag-bitcoin","tag-btc","tag-bullish","tag-coindesk","tag-decline","tag-eth","tag-ethereum","tag-fell","tag-jump","tag-offset","tag-owner","tag-spread","tag-volume"],"yoast_head":"\n
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