Bullish gave investors a mixed August tape on Tuesday, September 8, 2026. Its monthly metrics package shows total trading volume of $42.5 billion for August, up from $30.7 billion in July. The uncertain part is quality and durability: August 2025 was $48.8 billion, and Bullish says the numbers are unaudited and preliminary.
| What you need to know |
|---|
| 1Total volume | $42.5 billion in August, versus $30.7 billion in July and $48.8 billion in August 2025. |
| 2Spot mix | Spot volume was $35.8 billion, led by $17.6 billion in bitcoin spot and $7.9 billion in stablecoin spot. |
| 3Spread clue | Average trading spread fell to 2.13 bps from 2.62 bps in July. |
| 4Main caveat | Bullish labels the package unaudited and preliminary, so final SEC-filed results can vary. |
August beat July, not last year
The useful signal is the month-over-month improvement. Bullish reported $42.5 billion in total August volume, about 38% above July’s $30.7 billion. Spot volume did most of the work, rising to $35.8 billion from $29.1 billion. That makes the report relevant for readers tracking whether listed crypto exchanges are getting activity back after a softer summer.
The recovery is less convincing when the comparison moves back one year. Bullish put August 2025 total volume at $48.8 billion, so the August 2026 print was still about 13% lower year over year. The gap matters because a rebound from July does not by itself prove that Bullish is above last year’s activity base.
Options changed the mix
One table line explains why the headline volume number improved. Options volume rose to $4.7 billion in August from $0.2 billion in July. Perpetual futures were much smaller at $2.0 billion, while spot remained the core business line. In other words, August was not just a spot-market story; derivatives activity helped the monthly total look stronger.
StreetInsider’s summary of the release also highlighted the $42.5 billion total and the spot split, including $17.6 billion in bitcoin spot, $3.7 billion in ether spot, $7.9 billion in stablecoin spot and $6.6 billion in other spot trading. That outside pickup is useful mainly as a cross-check, because the source of the actual figures remains Bullish’s own monthly package.
Spread points to quieter economics
The average trading spread tells a more cautious story than the volume rebound. Bullish reported 2.13 basis points for August, down from 2.62 basis points in July and below August 2025’s 2.25 basis points. Since Bullish defines this metric as commissions earned expressed as a percentage of trading volume, a higher volume month does not automatically mean a richer fee month.
That is the practical takeaway for shareholders and crypto-market watchers. August had more activity than July, but the revenue clue inside the same data package moved in the opposite direction. The answer is not simply “more volume is better”; it is “more volume helped, while the spread narrowed.”
The filing caveat belongs near the top
The SEC exhibit shows Bullish released the August metrics on September 8 and directs readers to the investor-relations package for definitions and additional information. It also repeats Bullish’s broader corporate description, including the company’s digital-asset exchange and CoinDesk businesses.
The caveat is not legal decoration. Bullish says the monthly metrics are unaudited, preliminary and subject to adjustment, and that final numbers will appear in future SEC filings. That boundary is especially important for a freshly listed exchange, because monthly metrics can move market expectations before full quarterly accounts are available.
Next file to compare
The next useful check is whether September keeps the August volume rebound without another drop in average trading spread. Readers should also watch whether the gap with the year-earlier month narrows. Until Bullish files final financial statements, the August package is a timely operating read, not a finished earnings result.
Sources: Bullish monthly metrics page, Bullish August 2026 metrics package, the SEC exhibit and StreetInsider.
