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Webull has recorded an almost 300% increase in buy-side orders for Bitcoin and Ether over roughly the past week and a half, according to U.S. CEO Anthony Denier. The increase comes as Bitcoin trades near $79,000 following a sharp August rally.
Denier said the rise in crypto activity coincided with changes in U.S. day-trading rules that Webull implemented on June 4. The changes eliminated the previous pattern day trader designation and related $25,000 minimum equity requirement for firms operating under the new framework, replacing them with updated intraday margin requirements.
Webull Reports Sharp Increase in Crypto Buy Orders
Denier said Webull’s average customer account holds about $5,500, well below the former $25,000 threshold for unrestricted pattern day trading in margin accounts. He said removing that restriction changed trading behavior across the platform. Denier said:
“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.”
The former pattern day trading rule applied to securities trading in margin accounts rather than directly regulating spot Bitcoin and Ether transactions. Denier’s comments instead connect the increase in crypto orders with wider changes in activity among Webull’s retail customers.
PDT Rules Replaced With Intraday Margin Standards
The SEC approved FINRA’s rule change on April 14. It removed the pattern day trader designation, the four-day-trades-in-five-business-days test and the related $25,000 minimum equity requirement.
The new framework took effect June 4, although qualifying brokerage firms have a transition period through October 20, 2027. Webull implemented the updated rules from June 4 and says eligible customers can now place unlimited day trades without the former $25,000 threshold.
Webull Revenue Rises in Second Quarter
Webull reported $198.8 million in second-quarter revenue, up 51% from a year earlier and about 24% from the first quarter. The company attributed part of its record trading volumes and stronger customer engagement to the June trading-rule change.
The latest Bitcoin and Ether figures show crypto buy-order activity has also increased during the recent market rally. Webull has not disclosed the dollar value of those orders.
