The third consecutive month of declining trading volumes signals weakening platform activity and likely revenue pressure heading into Q2 2026 earnings. Monitor the upcoming 20-F annual report for full-year revenue trends and any commentary on volume recovery expectations. The widening spread provides partial offset but is unlikely to compensate for the magnitude of volume decline.
Price Chart
Executive Summary
Bullish released its April 2026 monthly metrics, showing a continued decline in total trading volume to $46.9B, down 35% from March 2026 ($60.4B) and down 35% YoY from April 2025 ($72.3B). All major asset classes (BTC, ETH, stablecoin, other spot) saw month-over-month volume declines, while the average trading spread widened slightly to 1.95 bps from 1.86 bps in March.
Key Facts
- Total trading volume in April 2026 was $46.9B, down from $60.4B in March 2026 and $72.3B in April 2025
- BTC spot volume fell to $20.9B from $29.1B in March 2026 and $39.2B in April 2025
- ETH spot volume fell to $5.4B from $8.0B in March 2026 and $10.9B in April 2025
- Stablecoin spot volume fell to $9.6B from $13.2B in March 2026 and $13.3B in April 2025
- Options volume declined to $5.6B from $6.2B in March 2026
- Perpetual volume declined to $3.4B from $4.4B in March 2026
- Average trading spread widened to 1.95 bps from 1.86 bps in March 2026
- BTC volatility declined to 35% from 48% in March 2026; ETH volatility declined to 44% from 60% in March 2026
Financial Impact
April 2026 total trading volume of $46.9B represents a 35% MoM decline and a 35% YoY decline, directly impacting transaction fee revenue which is the company's primary revenue driver
Risk Factors
- Sustained decline in crypto market volatility and trading volumes could further pressure revenue
- Q2 2026 revenue will likely show significant sequential decline based on April volume trends
- Competitive pressure from other exchanges may be 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) | 0001437749-26-015348 |
| Exhibit: ex_943192.htm | 0001437749-26-015348 |
| Document: blsh20260408_6k.htm | 0001437749-26-015348 |
| Document: 0001437749-26-015348-index-headers.html | 0001437749-26-015348 |
| Document: 0001437749-26-015348-index.html | 0001437749-26-015348 |
| Document: 0001437749-26-015348.txt | 0001437749-26-015348 |
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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