Webull Sees Bitcoin, ETH Buy Orders Jump Nearly 300% After Rule Repeal
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.
That 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.
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