Webull's $240M Volume Plummets 22.17% to 421st in Liquidity Rankings

On September 24, 2025, Webull (BULL) traded with a volume of $240 million, representing a 22.17% decline from the previous day's activity, ranking it 421st among all listed stocks in terms of trading liquidity. The stock closed marginally lower by 0.21% compared to the prior session's close.

Recent market activity reflects mixed investor sentiment toward the trading platform. A key development involved the firm's strategic partnership with a major fintech firm to enhance its AI-driven trading tools, though details on implementation timelines remain unspecified. Additionally, regulatory scrutiny over user data practices has resurfaced in discussions among institutional investors, potentially influencing short-term volatility.

Analysts noted that the volume contraction coincided with broader market consolidation ahead of a key earnings season. While no direct earnings or revenue figures were disclosed in the referenced materials, the stock's performance aligns with sector-wide trends of reduced speculative activity. Institutional traders have been observed adjusting their exposure to algorithmic trading platforms amid evolving regulatory frameworks.

To run this back-test rigorously, I need to pin down a few practical details: 1. Market / universe: Should the universe include all U.S.-listed common stocks (NYSE + NASDAQ + AMEX), or be limited to S&P 500 constituents? 2. Re-balancing mechanics: What entry and exit price conventions should be applied? 3. Weighting scheme: Equal-weighting versus volatility-adjusted weighting? 4. Benchmark / performance metrics: Which index or strategy should serve as the baseline? 5. Risk controls: Are there specific constraints to incorporate? Once these parameters are established, the back-test can proceed with historical volume data from January 1, 2022, to the present.