Highlights from the 2Q Business Update
Insights • Aug 25, 2022 • 2 min read
Last month we released a business update outlining Bullish's milestones during 2Q'22. Here are the key highlights:
1. Bullish is one of the fastest-growing cryptocurrency exchanges.
Since launching in November 2021, we’ve reached over $80 billion in cumulative trading volume, leapfrogging several of our more established peers. Simultaneously, we’ve seen steady growth in the average daily volume traded on the exchange and total monthly trading fees/spreads—reaching $857m and $37m, respectively, for June 2022.
2. Bullish is a market leader in BTC/USD.
The release of our proprietary range-bound liquidity pool technology allows the capital within a liquidity pool to be condensed in such a way that generates bids and offers only within a specified price range around the current market price. This creates greater bid-offer depth and increased capital efficiency, allowing Bullish to offer the world’s deepest liquidity for the BTC/USD trading pair.
As a result, we’ve also become a market leader in BTC/USD spot volumes with 11% of spot volume market share in June 2022 —ahead of Coinbase and trailing FTX and Binance.
3. Bullish is well-positioned for sustained growth.
Looking ahead, powerful tailwinds make Bullish well-positioned for sustained growth in the current market environment. Our significant treasury, fully regulated status, lean and scalable cost structure, and risk management policies—which resulted in zero exposure to crypto market participants negatively impacted by the recent 'crypto credit crisis'—place us in a strong and strategic position to succeed in an increasingly regulated market and through a variety of market cycles.
In addition, we’re focused on customer acquisition, new token listings, new geographies, product development, and evolution through mergers and acquisitions to continue driving growth.
Through innovation and our proven hybrid order book technology, Bullish has achieved significant volume milestones and taken meaningful market share only months after launching. We’re proud of our progress in 2Q'22 and bullish about the future.
For additional details, review the full business update.