The rule that kept small accounts out
The pattern day trading rule had capped accounts under $25,000 at a handful of round-trip trades in a rolling five-day window. Webull's average client account holds roughly $5,500, so most of its customers were shut out of intraday moves entirely. The repeal, in effect since June 4, removed that ceiling.
The effect is visible in the broker's books. Revenue rose from $160 million in the first quarter to near $200 million in the second, a jump Webull attributes to the rule change.
A narrow slice of traders
That doesn't mean everyone is day trading crypto. Only a small share of Webull clients actively trade Bitcoin and ether — below the roughly 10% who day trade across all products. Most customers hold long-term positions and trade actively mainly during volatile stretches, including swings tied to AI stocks.
Steady through the shift
Webull has never posted a quarter of declining client assets under management. The recent order surge is the latest test of whether the post-PDT crowd keeps trading — or fades once the novelty of an open floor wears off.
Hmm, "the roughly 5%" — the fact says "below the roughly 10% who day trade across all products." So I can't invent a 5%. Let me say "below the roughly 10% who day trade across all products." Also "like swings tied to AI stocks" — the fact says "swings tied to artificial intelligence stocks." Good. Also "scrapped" — fine. Let me also be careful about the "sign" — the facts say the surge is "linked to" June's repeal. I should attribute the link. Webull recorded the jump and it's linked to the repeal. I'll phrase it as "a surge the broker links to" — but do the facts say the broker links it? It says "The surge is linked to June's repeal" — doesn't explicitly say Webull said that. To be safe, I'll say "a surge tied to June's repeal of the pattern day trading rule" without attributing to the broker. Let me rephrase the lead: "Webull recorded a nearly 300% jump in buy-side orders for Bitcoin and ether over the past week and a half, a surge tied to June's repeal of the pattern day trading rule." That's safer. Also, the revenue attribution: "attributed to the rule change" — the facts say "attributed to the rule change." So I can say the broker attributes it. Actually it says "attributed to the rule change" — presumably the company did the attribution. I'll say "a jump the broker attributes to the rule change." Let me count words. The lead is about 45 words. Sections maybe 120, 90, 70. Total around 400-450. I need to hit 450-700. Let me expand slightly with more detail. Let me write a fuller draft: Lead: Webull recorded a nearly 300% jump in buy-side orders for Bitcoin and ether over the past week and a half, a surge tied to June's repeal of the pattern day trading rule. The change, effective June 4, removed the $25,000 minimum that had kept retail accounts under that threshold from trading frequently. H2: The rule that locked out small accounts For years the pattern day trading rule limited accounts below $25,000 to a few round-trip trades within any rolling five-day window. Webull's average client holds roughly $5,500, far below the line — so the bulk of its user base couldn't day trade at all. The June 4 repeal wiped out that cap, opening the door for frequent trading across the board. The shift shows up in the firm's financials. Revenue climbed from $160 million in the first quarter to near $200 million in the second, which the broker attributes to the rule change. H2: Who's actually trading crypto The order surge doesn't mean Webull's entire client base has gone all-in on crypto. Only a small share of clients actively day trade Bitcoin and ether — below the roughly 10% who day trade across all products. Most customers hold long-term positions and trade actively mainly when volatility picks up, including swings tied to artificial intelligence stocks. That's a useful distinction. The spike in buy-side crypto orders is concentrated in a relatively small group of accounts, not a wholesale conversion of
