Bullish reported a 42.9% year-over-year decline in July trading volume, with total trading volume at 30700 million dollars, down 39.7% month over month. 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. The derived volume-times-spread proxy fell 38.3% month over month and 1.6% year over year, indicating that the wider spread did not fully offset the decline in trading activity. Total spot volume decreased to 29100 million dollars in July from 45500 million dollars in June and 48800 million dollars a year earlier, marking declines of 36% and 40.4%, respectively. Ethereum spot trading volume dropped to 3000 million dollars from 4900 million dollars in June and 11100 million dollars in July 2025, a 73% year-over-year decline. Bullish defines trading volume as the dollar-equivalent notional value of matched trades on its platform, excluding customer assets and deposits. The July figures are unaudited and preliminary, subject to final adjustments.
This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.












Today’s WEEX TradFi Daily Brief covers the July jobs report, weakness in storage stocks, Tesla and SpaceX’s Terafab project, and renewed oil supply concerns.

















