Bullish reported July trading volume of $30.7 billion, down 42.9% from a year earlier and 39.7% from June, as the exchange's average trading spread widened to 2.62 basis points. Spot volume fell to $29.1 billion, while Ethereum spot volume dropped 73% year over year to $3 billion. The figures are unaudited and preliminary.
Volume slide
Total volume for the month came in at $30.7 billion, down from $45.5 billion in June and $48.8 billion in July 2025. Spot volume followed a similar path, falling to $29.1 billion from $45.5 billion in June and $48.8 billion a year earlier. The month-over-month drop of 39.7% for total volume is the steepest in recent months, though the exchange didn't provide a reason for the decline.
Ethereum underperforms
Ethereum spot volume took the biggest hit. It dropped to $3 billion in July, down from $4.9 billion in June and $11.1 billion in July 2025 — a 73% year-over-year decline. That's a much steeper fall than the overall market, suggesting traders pulled back from ETH specifically.
Spreads widen
The average trading spread rose to 2.62 basis points from 2.56 basis points in June and 1.52 basis points a year earlier. That's a 72.4% year-over-year jump. The exchange's volume-times-spread proxy, which combines both metrics, fell 38.3% month over month but only 1.6% year over year — the wider spread cushioned some of the volume loss.
How the spread is calculated
Bullish defines the average trading spread as commissions relative to volume, and it also reflects changes in the fair value of perpetual futures and rebates. The monthly package is unaudited and preliminary, so the numbers could shift in a final review.
Bullish didn't comment on what drove the slide. The next monthly report will show whether August's numbers recover.
