Bullish (NYSE: BLSH), a digital asset trading platform, reported $46.9 billion in total trading volume for April 2026, according to monthly metrics released May 7, 2026.

The April volume represents a decline from $60.4 billion in March 2026 and $84.1 billion in February 2026. Spot trading accounted for $38.0 billion of the total, while options contributed $5.6 billion and perpetual futures added $3.4 billion.

Bitcoin spot trading generated $20.9 billion in volume, down from $29.1 billion in March. Ethereum spot volume decreased to $5.4 billion from $8.0 billion the previous month. Stablecoin trading volume reached $9.6 billion, compared to $13.2 billion in March.

The platform's average trading spread for April was 1.95 basis points, up from 1.86 basis points in March. Bitcoin volatility measured 35% for the month, while Ethereum volatility was 44%.

The company noted that March 2026 Ethereum volatility figures were revised from 46% to 60% to reflect updated market data, though this revision did not affect any financial metrics.

Bullish operates an institutional digital asset exchange and owns CoinDesk, a digital asset media company. The platform provides spot and derivatives trading services and is regulated under MiCAR in Europe.