Crypto trading platform Bullish (BLSH) saw valuation pressures intensify following its public listing as trading volumes remained subdued and fundamentals lagged peers. Analysts flagged declining transaction activity and limited liquidity as major headwinds for the newly listed exchange. The company’s market capitalization contracted sharply during its first trading week, underperforming broader crypto-equity benchmarks. Investors cited weak profitability metrics and regulatory overhang as further concerns. Market observers said sustaining post-IPO investor confidence will depend on Bullish’s ability to boost institutional participation and transaction efficiency.