Crypto trading platform Bullish has risen to the third top position among the three centralised exchanges by spot trading volume. It has left Coinbase behind for the first time, according to CoinDesk Data’s February Exchange Review.
Spot trading on Bullish surged 62.6% compared to the previous month and reached $76 billion in February. This was the exchange’s highest monthly total since October 2025. The platform surpassed Coinbase, which owned roughly 4.59% of the market, thanks to the surge, which increased its market share to 5.06%.
The achievement coincides with a decrease in total trading activity on centralised exchanges. In February, combined spot and futures trading volumes dropped 2.41% to $5.61 trillion, the lowest amount since October 2024.
Reduced volatility in the cryptocurrency market was partially responsible for the slowdown. Bitcoin traded in a comparatively small range between $60,000 and $70,000 for a large portion of the month, which reduced the speculative activity that usually results in bigger trading volumes.
In February, spot trading made up $1.50 trillion of all exchange activity, a decrease of around 3% from January. Growing rivalry among centralised exchanges is highlighted by bullish growth.
To draw traders during times of sluggish market activity, platforms are now competing through increased liquidity, trading incentives, and new financial products.
The competitive environment of cryptocurrency trading platforms is still changing, as evidenced by the fact that certain exchanges have started experimenting with tokenised securities trading and prediction markets.
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