Webull recorded a nearly 300% jump in buy-side orders for Bitcoin (BTC) and ether (ETH) over the past week and a half, Chief Executive Officer Anthony Denier said.
Denier linked the surge to June's repeal of the pattern day trading (PDT) rule, which had limited frequent trading for accounts under $25,000. Bitcoin traded near $78,919 at the time of writing.
A Rule Change Reshapes Retail Trading
Speaking in an interview with CNBC's "Squawk on the Street," Denier said the rule change reshaped how Webull's retail base trades. The average account on the platform holds roughly $5,500, well under the old PDT threshold.
https://www.youtube.com/watch?v=9mF5nwBW7-wThat meant most users previously could not day trade unrestricted assets at all. The repeal, effective June 4, opened that activity to the bulk of Webull's client base.
"We're seeing over the past week and a half, we're seeing almost a 300% increase in buy-side orders for the big cryptos, Bitcoin and ETH."
— Anthony Denier, CNBC
Treasury Moves and a Revenue Jump
Denier also credited recent Treasury purchase operations with sparking the broader Bitcoin rally, a dynamic that lines up with Bitcoin's record weekly gain even as critics challenge the Treasury's buyback plan.
The rule change has already shown up in Webull's financials. Revenue rose from $160 million in the first quarter to near $200 million in the second.
"We went from a $160 million top line revenue in Q1 to near $200 million basically on one month's addition, which was June of Q2 that removed the PDT rule."
— Anthony Denier, CNBC
Denier said only a small share of clients actively day trade Bitcoin and ether. This is well below the roughly 10% who day trade across all products, without giving an exact figure.
Most customers hold long-term positions, he said. And, they trade actively mainly during volatile stretches, including swings tied to artificial intelligence stocks.
Webull has never reported a quarter of declining client assets under management, Denier said, even with an active trading base.
Read the Original story Webull Sees Bitcoin, ETH Buy Orders Jump Nearly 300% After Rule Repeal by Darryn Pollock at beincrypto.com