The cryptocurrency exchange Bullish has emerged as the third-largest platform by spot trading volume, surpassing Coinbase for the first time. This development occurred in February, a month marked by a general decline in trading activity across the sector.
According to CoinDesk Data’s February Exchange Review, Bullish recorded a significant increase in spot trading, rising 62.6% month-over-month to reach $76 billion. This figure represents the highest monthly total for Bullish since October 2025 and elevated its market share to 5.06%, an increase of 2.04 percentage points. In contrast, Coinbase’s market share fell to 4.59% during the same period.
The rise of Bullish comes amid a broader downturn in centralized exchange activity. Overall spot and derivatives trading volumes decreased by 2.41% in February, totaling $5.61 trillion, the lowest level since October 2024. This decline was attributed to reduced volatility in major cryptocurrencies, particularly bitcoin, which traded in a narrow range between $60,000 and $70,000 for much of the month.
Spot trading accounted for $1.50 trillion of the total trading volume, a decrease of 3.01% from January. Derivatives trading also saw a decline, falling 2.41% to $4.11 trillion, yet it continued to dominate, making up 73.2% of all trading on centralized exchanges.
While Binance maintained its position as the leading exchange with a spot trading volume of $331 billion in February, its market share decreased to about 22%. This marks the lowest level of dominance for Binance since October 2020, indicating a shift in trading activity among various platforms.
Bullish’s ascent reflects changing dynamics within the centralized exchange landscape, where competition is intensifying. Exchanges are increasingly focusing on liquidity, trading incentives, and innovative product offerings to attract users during periods of reduced market activity. Some platforms have formed partnerships with major U.S. stock exchanges to introduce tokenized securities or have launched prediction market trading features.
Bullish has positioned itself as the third-largest centralized cryptocurrency exchange by spot trading volume, overtaking Coinbase amid a general decline in trading activity across the sector. This shift highlights evolving competitive dynamics among exchanges as they adapt to changing market conditions.
Source: CoinDesk