Crypto platform Bullish (BLSH), which operates an institutional-only crypto change enterprise, climbed into the highest three centralized crypto exchanges by spot buying and selling quantity for the primary time in February, overtaking Coinbase (COIN) as buying and selling exercise throughout the business slowed, in keeping with CoinDesk Knowledge’s February Alternate Assessment.
Spot buying and selling volumes on Bullish, which is the mum or dad firm of CoinDesk, rose 62.6% month over month to $76 billion, the change’s highest month-to-month complete since October 2025. The surge lifted Bullish’s market share to five.06%, up 2.04 proportion factors, making it the third-largest centralized change by spot buying and selling quantity.
The rise pushed Bullish, which went public on the New York Inventory Alternate final yr, forward of Coinbase (COIN), which held a 4.59% share of the spot market throughout the month.
The milestone comes whilst general exercise on centralized exchanges declined. Mixed spot and derivatives buying and selling volumes fell 2.41% in February to $5.61 trillion, the bottom stage recorded since October 2024, the report mentioned.
The slowdown coincided with subdued volatility in main cryptocurrencies. Regardless of heavy volatility within the first and final weeks of February, bitcoin spent a lot of the month buying and selling in a slender vary between $60,000 and $70,000, limiting speculative exercise that usually drives increased buying and selling volumes.
Spot buying and selling accounted for $1.50 trillion of that complete, down 3.01% from January. Derivatives buying and selling fell 2.41% to $4.11 trillion however remained the dominant pressure, accounting for 73.2% of all buying and selling on centralized exchanges, the report mentioned.
Whereas Binance remained the dominant change by a large margin, recording $331 billion in spot buying and selling quantity throughout February, which represents about 22% market share, its dominance declined to its lowest month-to-month stage since October 2020, suggesting buying and selling exercise is changing into extra distributed throughout competing platforms.
Bullish’s rise within the rankings highlights shifting dynamics amongst centralized exchanges amid intensifying competitors. Exchanges are more and more competing on liquidity, buying and selling incentives, and new product choices to draw merchants during times of slower market exercise. Some have partnered with main U.S. inventory exchanges to supply tokenized securities or have launched prediction market buying and selling.