The May 2026 metrics confirm a sustained downtrend in platform activity across all product lines. Traders should expect Q2 2026 revenue to be materially below Q1 2026 and below the prior year period. Monitor the Q2 2026 earnings release for management commentary on whether this is a cyclical crypto winter or market share loss to competitors.
Price Chart
Executive Summary
Bullish released its May 2026 monthly metrics, showing a continued sharp decline in total trading volume to $32.9B, down from $46.9B in April and $84.1B in May 2025. Spot BTC volume fell to $16.8B (from $20.9B in April), and spot ETH volume dropped to $3.4B (from $5.4B in April). The sequential and year-over-year declines in core revenue-generating activity are material and negative.
Key Facts
- Total trading volume in May 2026 was $32.9B, down 30% from $46.9B in April 2026 and down 48% from $63.4B in May 2025.
- Spot BTC volume fell to $16.8B in May 2026 from $20.9B in April 2026 and $32.8B in May 2025.
- Spot ETH volume fell to $3.4B in May 2026 from $5.4B in April 2026 and $12.0B in May 2025.
- Options volume dropped to $0.9B in May 2026 from $5.6B in April 2026.
- Perpetual volume fell to $2.0B in May 2026 from $3.4B in April 2026 and $5.8B in May 2025.
- Average trading spread widened to 2.23 bps in May 2026 from 1.95 bps in April 2026 and 1.32 bps in May 2025.
- BTC annualized volatility fell to 28% in May 2026 from 35% in April 2026 and 33% in May 2025.
- ETH annualized volatility fell to 36% in May 2026 from 44% in April 2026 and 67% in May 2025.
Financial Impact
Total trading volume declined ~30% sequentially and ~48% year-over-year, with the sharpest drops in high-fee options and perpetual products. Average spreads widened, partially offsetting volume declines but not enough to prevent a significant revenue hit.
Risk Factors
- Continued decline in crypto market volumes could further pressure revenue.
- Widening spreads may indicate reduced liquidity or pricing power erosion.
- Competitive pressure from other exchanges capturing market share.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001437749-26-019787 |
| Exhibit: ex_958911.htm | 0001437749-26-019787 |
| Document: blsh20260507_6k.htm | 0001437749-26-019787 |
| Document: 0001437749-26-019787-index-headers.html | 0001437749-26-019787 |
| Document: 0001437749-26-019787-index.html | 0001437749-26-019787 |
| Document: 0001437749-26-019787.txt | 0001437749-26-019787 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Press Release | $27.60 | awaiting T+20 | — | $27.60 (+0.00%) |
Oct 6, 2026 20d ago | 6-K | $33.38 | awaiting T+20 | — | $27.60 (−17.32%) |
Sep 24, 2026 4w ago | Press Release | $37.58 $28.21 | ▼ −24.93% | ▼ −23.46% | $27.60 (−26.56%) |
Sep 8, 2026 6w ago | 6-K | $35.53 $33.38 | ▼ −6.05% | ▼ −8.02% | $27.60 (−22.32%) |
Jul 31, 2026 12w ago | 6-K | $21.79 $32.89 | ▲ +50.94% | ▲ +47.95% | $27.60 (+26.66%) |
Jul 24, 2026 13w ago | 6-K | $23.96 $30.41 | ▲ +26.92% | ▲ +23.29% | $27.60 (+15.19%) |
Jul 7, 2026 15w ago | 6-K | $25.77 $22.93 | ▼ −11.02% | ▼ −12.35% | $27.60 (+7.10%) |
Jun 29, 2026 17w ago | 6-K | $23.69 $23.96 | ▲ +1.14% | ▲ +1.42% | $27.60 (+16.50%) |
Jun 8, 2026 20w ago | 6-K | $27.21 $26.57 | ▲ +2.35% | ▲ +3.98% | $27.60 (−1.43%) |
May 14, 2026 23w ago | 6-K | $39.46 $27.21 | ▼ −31.04% | ▼ −30.19% | $27.60 (−30.06%) |
US Market Status
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