Bullish, CoinDesk’s subsidiary, saw its July trading volume drop 42.9% year over year to $30.7 billion, according to unaudited monthly metrics released on Aug. 6. Meanwhile, the average trading spread widened 72.4%, rising from 1.52 basis points a year earlier to 2.62 basis points. This wider spread nearly offset the volume decline in the volume-times-spread calculation, which fell only 1.6% annually, though it dropped 38.3% from June. Total spot volume reached $29.1 billion, with $3 billion from Ethereum representing a 73% year-over-year decline. July figures remain preliminary and subject to change during quarterly closing procedures.
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