Bullish Reports May TTV $32.9B Down From $63.4B YoY

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Monthly Metrics Report for May 2026

(Unaudited)
 
  2025   2026
  Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec   Jan Feb Mar Apr May
(B - in billions)                                    
Trading Volume ($B)                                    
Spot - BTC 34.6 30.9 43.2 39.2 32.8 19.9 20.8 18.2 16.4 38.2 38.4 25.9   22.5 41.8 29.1 20.9 16.8
Spot - ETH 18.3 19.2 14.9 10.9 12.0 9.5 11.1 12.8 8.8 15.1 14.1 9.6   8.4 12.9 8.0 5.4 3.4
Spot - Stablecoin 19.4 20.9 17.0 13.3 10.3 8.1 12.9 8.6 8.1 19.6 18.4 13.8   11.2 19.0 13.2 9.6 7.4
Spot - Other 4.8 3.8 2.7 2.2 2.6 2.4 4.0 4.6 4.1 4.6 4.4 2.9   3.4 3.7 2.7 2.1 2.5
Total Spot 77.1 74.8 77.7 65.5 57.6 39.9 48.8 44.3 37.3 77.5 75.3 52.2   45.4 77.4 52.9 38.0 30.0
Options               0.0 0.0 0.0 2.8 6.2   4.8 3.6 3.2 5.6 0.9
Perpetual 6.6 7.8 8.0 6.8 5.8 4.1 5.0 4.6 2.2 3.0 2.7 2.6   2.0 3.1 4.4 3.4 2.0
Total Trading Volume 83.7 82.5 85.7 72.3 63.4 44.0 53.8 48.8 39.6 80.5 80.8 61.1   52.2 84.1 60.4 46.9 32.9
                                     
Average Trading Spread (bps)                                    
Spot 2.14 1.97 1.87 1.65 1.55 1.58 1.76 2.55 1.96 1.75 1.94 1.82   1.74 2.22 2.01 2.05 2.40
Options               1.00 0.93 1.29 1.34 1.66   1.95 2.42 1.86 2.50 1.65
Perpetual (1.06) (1.41) (2.38) (1.47) (0.86) (1.22) (0.80) (0.65) 0.21 (2.67) (0.13) (0.30)   (0.61) 0.37 0.09 (0.08) (0.12)
Average Trading Spread 1.90 1.65 1.47 1.36 1.32 1.32 1.52 2.25 1.86 1.59 1.85 1.71   1.67 2.16 1.86 1.95 2.23
                                     
Monthly Average Volatility                                    
BTC 48% 44% 50% 44% 33% 28% 27% 28% 23% 38% 45% 39%   33% 61% 48% 35% 28%
ETH 60% 78% 69% 70% 67% 54% 54% 60% 42% 58% 68% 53%   46% 82% 60% 44% 36%