Trading platform Webull experienced a nearly 300% increase in buy-side orders for Bitcoin and ether over the course of a week and a half, according to Chief Executive Officer Anthony Denier. At the time of the announcement, Bitcoin was trading near $78,919.
During an interview with CNBC's "Squawk on the Street," Denier attributed the surge to the June repeal of the pattern day trading rule. The regulation had previously restricted frequent trading for accounts holding under $25,000. With the average account on Webull holding approximately $5,500, most users were previously unable to freely day trade unrestricted assets.
The repeal, which took effect on June 4, expanded trading access for the majority of the platform's client base. Denier noted that while a small fraction of clients actively day trade Bitcoin and ether—well below the roughly 10% who day trade across all products—most users maintain long-term positions and trade actively during volatile market stretches.
In addition to the rule change, Denier pointed to recent Treasury purchase operations as a catalyst for the broader Bitcoin rally. The regulatory adjustment has also impacted Webull's financials, with top-line revenue growing from $160 million in the first quarter to nearly $200 million in the second quarter, largely driven by the removal of the pattern day trading rule in June.
