Webull Links Crypto Trading Surge to June PDT Rule Repeal

Webull has recorded a nearly 300% increase in buy-side orders for Bitcoin and Ether over the past week and a half, according to Chief Executive Officer Anthony Denier. Denier linked the increase to June’s repeal of the pattern day trading (PDT) rule, which had limited frequent trading for accounts with less than $25,000.

June 4 Rule Change Opened Day Trading to More Accounts

The PDT rule had restricted frequent trading for smaller accounts. Denier said Webull’s average account holds about $5,500, well below the former $25,000 threshold. As a result, he said the repeal that took effect on June 4 made unrestricted day trading available to the bulk of Webull’s client base.

Denier said Webull’s retail trading patterns changed after the rule was removed. Over the past week and a half, buy-side orders for Bitcoin and Ether rose by almost 300%, according to his account. Bitcoin was trading near $78,919 at the time of the report.

Revenue Rose From Q1 to Q2

Webull’s revenue rose from $160 million in the first quarter to nearly $200 million in the second quarter, according to Denier. He connected the increase to the addition of June, the month in which the PDT rule was removed.

The figures place the rise in crypto buy-side orders alongside a higher quarterly revenue result. Denier presented the timing as an example of how a change in trading access can coincide with changes in activity on the platform.

Most Clients Still Hold Long-Term Positions

Denier said only a small share of Webull clients actively day trade Bitcoin and Ether. He said that share is below the roughly 10% of traders who day trade across all products on the platform, although he did not provide a crypto-specific figure.

Most customers continue to hold long-term positions, according to Denier. He said customers tend to trade more actively during periods of elevated volatility, including swings associated with artificial intelligence stocks.

Denier also said Webull has never reported a quarter of declining client assets under management, even as its user base has become more active in trading.

Treasury Purchases Were Also Cited

Denier did not attribute the stronger Bitcoin demand solely to the PDT change. He also cited recent Treasury purchase operations as a factor behind the broader Bitcoin rally. The report said this dynamic coincided with Bitcoin’s record weekly gain.

Critics have challenged the Treasury’s buyback plan, according to the report. That debate remains separate from Webull’s reported increase in Bitcoin and Ether buy-side orders following the rule change.

A Retail Trading Data Point

Webull’s figures describe activity on its own platform following the June 4 repeal. The average account size, the former PDT threshold and the reported order increase indicate that the change affected a large part of the broker’s retail customer base rather than only accounts already above the former threshold.

The data also reflects a period in which Denier said clients were more likely to trade actively during volatility. While the reported order increase covers the past week and a half, Denier’s comments indicate that only a small portion of clients actively day trade Bitcoin and Ether, while most retain long-term positions.

Key Figures From Webull

• Nearly 300% increase in Bitcoin and Ether buy-side orders over the past week and a half, according to Denier.
• June 4 effective date for the repeal of the PDT rule.
• Former PDT threshold of $25,000 for accounts facing limits on frequent trading.
• Average Webull account size of roughly $5,500.
• Revenue of $160 million in the first quarter and nearly $200 million in the second quarter.
• A crypto day-trading share below the roughly 10% of traders who day trade across all products, with no exact crypto-specific figure provided.