Bullish, a global digital asset platform, announced its monthly performance metrics for October 2025 on November 6, 2025, detailing increased trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum.
Bullish reported a total trading volume of $80.5 billion for October 2025, a significant increase from $39.6 billion in September 2025. This includes both spot and perpetual trading.
Spot trading volume reached $77.5 billion in October, up from $37.3 billion in September. Within spot trading, Bitcoin (BTC) volume was $38.2 billion in October, compared to $16.4 billion in September, while Ethereum (ETH) spot volume increased to $15.1 billion from $8.8 billion. Stablecoin spot volume also rose to $19.6 billion from $8.1 billion, with other assets contributing $4.6 billion in October. Perpetual trading volume stood at $3.0 billion in October, up from $2.2 billion in the previous month.
The average trading spread for October was 1.59 basis points (bps), which is a decrease from 1.86 bps recorded in September. The spot spread for October was 1.75 bps, down from 1.96 bps in September, and the perpetual spread was (2.67) bps in October, compared to 0.21 bps in September.
Monthly average volatility for Bitcoin in October was 38%, an increase from 23% in September. Ethereum’s volatility also rose to 58% in October from 42% in September.
Bullish operates as an institutionally focused global digital asset platform, providing market infrastructure and information services. Its services are regulated across multiple jurisdictions, including the United States, European Union, United Kingdom, Hong Kong, and Gibraltar.
The company’s offerings include the Bullish Exchange, a regulated digital assets spot and derivatives exchange that combines a central limit order book with automated market making to ensure liquidity. It also provides CoinDesk Indices, which are tradable benchmarks and indices for digital asset performance; CoinDesk Data, offering real-time market data and analytics; and CoinDesk Insights, a digital asset media and events provider operating coindesk.com.
Bullish utilizes its Investor Relations website (investors.bullish.com) and its X account (x.com/bullish) to disseminate information relevant to investors, including potentially material updates. The monthly metrics provided are unaudited, and the information for the most recent fiscal quarter is preliminary and subject to final financial closing procedures.
Trading Volume represents the notional value of trades, specifically the total U.
S. dollar equivalent value of matched trades transacted on the platform during the measurement period.
Average Trading Spread is defined as total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage of the trading volume. This metric provides insight into the average revenue generated per unit of trading volume, taking into account changes in fair value of perpetual futures and rebates.
Volatility is calculated using 1-minute price intervals from CoinDesk Data’s Adaptive Diversified Liquidity Index for Bitcoin and Ethereum. Daily volatility is determined by measuring the standard deviation of these minute-by-minute price changes, then converted to an annualized volatility by multiplying by the square root of 365.
