Bullish Trading Volume Drops 43% but Spread Jump Offsets Decline
Exchange's annual revenue proxy slips just 1.6% as wider spreads mitigate lower volume
Bullish, the crypto exchange that owns CoinDesk, reported a 43% year-over-year decline in trading volume, according to data derived from recent regulatory filings. The drop was counterbalanced by a 72% increase in the company's average spread, softening the overall financial impact.
Key figures from the filing
- Trading volume fell 43% year over year
- Average spread rose 72% in the same period
- A volume-times-spread proxy slipped 1.6% annually
- The proxy declined 38.3% compared to June
The filing-derived proxy, which approximates revenue by multiplying trading volume by the spread, suggests the exchange's annual revenue remained nearly flat. The June comparison, however, points to a sharp slowdown in recent months as market activity thinned.
The wider spread means Bullish earned more per trade despite lower trading activity. These figures come amid a broader downturn in crypto trading volumes across the industry. CoinDesk, acquired by Bullish in 2023, continues to operate as an independent media entity.