Bullish Slides 5.36% as 411th Ranked Daily Volume Reflects Regulatory Scrutiny and AI Fintech Sector Volatility

Bullish (BLSH) closed on October 7, 2025, with a 5.36% decline, trading at a volume of $0.27 billion, ranking 411th in market activity for the day. The stock's performance reflects a broad sell-off amid evolving market sentiment toward AI-driven trading platforms.

Recent developments highlight shifting investor priorities in the fintech sector. A regulatory update on algorithmic trading compliance standards has intensified scrutiny of automated trading models, with analysts noting potential operational adjustments for firms like Bullish. Concurrently, a strategic partnership announcement with a major cloud infrastructure provider was overshadowed by broader sector volatility, limiting its immediate impact on the stock's trajectory.

Market participants are closely monitoring Bullish's ability to navigate regulatory adjustments while maintaining its competitive edge in real-time data processing. The stock's technical indicators show heightened short-term volatility, with key support levels under pressure as traders reassess risk exposure in the AI fintech subsector.

To make sure I structure the back-test exactly the way you intend, could you please confirm a few details? 1. Stock universe: Which exchange(s) should the daily-volume ranking cover (e.g., all U.S. listed equities, only NYSE + NASDAQ, a specific country index, etc.)? 2. Trade timing: Do we open the positions at the same day’s close and exit at the next day’s close (close-to-close), or open at next day’s open and exit at that day’s close (close-to-open/close)? 3. Weighting method: Equal-weight each of the 500 names, or weight them by market-cap, volume, or something else? 4. Transaction costs & slippage: Should we assume zero costs, or include a specific round-trip cost assumption? Once I have these points, I can pull the volume data, generate the daily portfolios, and run the 2022-to-present back-test.