tags. We'll translate each paragraph.
First paragraph: "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."
Translation: "Bullish rapporterte et handelsvolum for juli på 30,7 milliarder dollar, ned 42,9 % fra samme periode i fjor og 39,7 % fra juni, ettersom børsens gjennomsnittlige handelsspread utvidet seg til 2,62 basispunkter. Spotvolumet falt til 29,1 milliarder dollar, mens Ethereum-spotvolumet falt 73 % år over år til 3 milliarder dollar. Tallene er ikke revidert og er foreløpige."
We need to be careful with "year earlier" -> "samme periode i fjor" or "året før". We'll use "året før" for brevity? But "from a year earlier" -> "fra året før" is fine. We'll use "fra året før" for consistency. Also "year over year" -> "år over år" we'll use.
Second paragraph: "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."
Translation: "Totalt volum for måneden endte på 30,7 milliarder dollar, ned fra 45,5 milliarder dollar i juni og 48,8 milliarder dollar i juli 2025. Spotvolumet fulgte en lignende utvikling, og falt til 29,1 milliarder dollar fra 45,5 milliarder dollar i juni og 48,8 milliarder dollar året før. Nedgangen på 39,7 % måned over måned for totalvolumet er den bratteste de siste månedene, men børsen ga ingen grunn for nedgangen."
Note: "July 2025" is in the future? Actually the article says "July 2025" but that seems like a typo? It says "July 2025" but the context is July 2024? Actually the original says "July 2025" but that might be a mistake. We'll keep as is, but in Norwegian we say "juli 2025" as well. But it's odd because the article is from 2024? Actually the original says "July 2025" but that might be a typo. We'll keep it as "juli 2025" because it's in the original. But we should not change facts. So we'll keep "juli 2025".
Third paragraph: "Ethereum underperforms" -> "Ethereum underpresterer" or "Ethereum svikter" but "underperforms" is "underpresterer". We'll use "Ethereum underpresterer".
Content: "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."
Translation: "Ethereum-spotvolumet fikk det største fallet. Det falt til 3 milliarder dollar i juli, ned fra 4,9 milliarder dollar i juni og 11,1 milliarder dollar i juli 2025 – en nedgang på 73 % år over år. Dette er et mye brattere fall enn hele markedet, noe som tyder på at tradere trakk seg tilbake fra ETH spesielt."
Fourth paragraph: "Spreads widen" -> "Spreadene utvides" or "Spreader utvides" but "spread" is often used as is. We'll use "Spreadene utvides".
Content: "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."
Translation: "Den gjennomsnittlige handelsspreaden steg til 2,62 basispunkter fra 2,56 basispunkter i juni og 1,52 basispunkter året før. Det er et hopp på 72,4 % år over år. Børsens volum-ganger-spread-proxy, som kombinerer begge målingene, falt 38,3 % måned over måned, men bare 1,6 % år over år – den bredere spreaden dempet noe av volumtapet."
Fifth paragraph: "How the spread is calculated" -> "Hvordan spreaden beregnes"
Content: "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."
Translation: "Bullish definerer den gjennomsnittlige handelsspreaden som provisjoner i forhold til volum, og den reflekterer også endringer i virkelig verdi av perpetual futures og rabatter. Den månedlige pakken er ikke revidert og er foreløpig, så tallene kan endres i en endelig gjennomgang."
Sixth paragraph: "Bullish didn't comment on what drove the slide. The next monthly report will show whether August's numbers recover."
Translation: "Bullish kommenterte ikke hva som forårsaket nedgangen. Den neste månedlige rapporten vil vise om august-tallene tar seg opp."
Now we need to put it all together in the JSON. Also meta description: "Bullish July trading volume
