CoinDesk owner Bullish volume fell 43%, but a 72% spread jump nearly offset the annual decline

Aug. 7, 2026 at 6:00 am GMT • 2 min read 01 Bullish’s July trading volume fell 42.9% year over year, while its average spread widened 72.4%. 02 The wider spread kept the volume-times-spread proxy only 1.6% below last year, suggesting activity losses were partly offset. 03 June’s much steeper drop still dragged the proxy 38.3% lower month over month, and July figures remain preliminary.CoinDesk's subsidiary and affiliate Bullish reported a 42.9% year-over-year drop in July trading volume even as its company-defined average trading spread widened 72.4%.The two figures produced a derived volume-times-spread proxy that remained slightly below its level a year earlier, so the wider spread did not fully counter the loss of activity on that calculation.The exchange operator reported a total trading volume of $30.7 billion in unaudited monthly metrics released Aug. 6, down 39.7% month over month.Average trading spread rose to 2.62 basis points from 2.56 basis points in June and 1.52 basis points a year earlier. Multiplying each period’s volume by its spread gives over $8 million for July, compared with $13 million in June and $8.2 million in July 2025.The derived proxy fell 38.3% month ove...