Bullish reported total July 2026 trading volume of $30.7 billion in unaudited monthly metrics released Aug. 6, down 39.7% from June and 42.9% from a year earlier. Spot trading accounted for $29.1 billion, down from $45.5 billion in June and $48.8 billion a year earlier, while Ethereum spot volume fell to $3 billion from $4.9 billion in June and $11.1 billion in July 2025. Bullish said its 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 volume by that spread produces a rough proxy of just over $8 million for July, versus about $13 million in June and $8.2 million a year earlier, suggesting the wider spread nearly offset the year-over-year drop in activity on that measure but did not fully make up for it. The exchange said the package is unaudited and preliminary, and final quarterly results may differ.