- Bullish disclosed unaudited monthly metrics in an October 6, 2026 SEC filing showing total trading volume of $48.6 billion for September 2026
- Spot trading volume accounted for $42.2 billion of the total, with an average trading spread of 2.14 basis points across the month
- The filing reported bitcoin volatility of 32% and ether volatility of 42% during September, alongside a broader multi-year dataset of monthly volumes
Bullish, the publicly traded cryptocurrency exchange, filed its unaudited September 2026 monthly metrics report with the SEC on October 6, 2026, disclosing $48.6 billion in total trading volume for the month, including $42.2 billion in spot trading volume.
The filing reported an average trading spread of 2.14 basis points across September, a figure the exchange tracks as a proxy for market liquidity and execution quality on its platform. Bullish also disclosed volatility readings of 32% for bitcoin and 42% for ether during the month, metrics the company includes alongside volume data to give investors context on the trading conditions that shaped its monthly results.
The report placed September’s figures within a longer historical dataset spanning January 2025 through September 2026, showing that trading volumes had declined significantly from early 2025 peaks, when monthly volume reached as high as $83.7 billion in January, down to a low of $30.7 billion in July 2026, before recovering somewhat by September. The trajectory illustrates how sharply crypto trading activity has swung over the past 18 months alongside broader market volatility, with the September uptick arriving as both bitcoin and ether volatility remained elevated relative to the calmer stretches recorded earlier in the dataset.
Bullish noted in the filing that the information is unaudited and that figures for months within the most recent fiscal quarter remain preliminary, subject to completion of its financial closing procedures, a standard caveat for monthly operating disclosures made ahead of full quarterly results. The company said the data was also distributed through its investor relations site and its official X account, giving market participants multiple channels to access the same disclosure simultaneously rather than relying solely on the SEC filing itself.
As one of the newer publicly traded exchanges in the sector, Bullish has leaned on detailed monthly disclosures to build a track record with investors still assessing how exchange revenue holds up through swings in trading activity and volatility. The September rebound in volume, even as it remained well below early 2025 levels, offers one data point for investors trying to gauge whether crypto trading activity is stabilizing heading into the fourth quarter, with the spread and volatility figures giving analysts additional context beyond the headline volume number alone.
Disclaimer: Cryip's content is strictly for educational and informational purposes and does not constitute financial, legal, or investment advice. Cryptocurrency involves significant risk, and readers assume full responsibility for their own financial decisions. Asset references are never endorsements.
To make complex crypto topics accessible to readers at all experience levels, our team uses AI tools strictly to refine language, correct grammar, and simplify terminology. AI is never used to draft facts, source information, or form conclusions. Every article is fact-checked and approved by a human editor before publication. Read our full AI Use & Content Policy.
