Bullish Surpasses Coinbase in Spot Trading Volume, Becomes the Third Largest Crypto Exchange Globally

According to CoinDesk, data shows that the institutional-grade crypto exchange Bullish entered the top three centralized exchanges by spot trading volume for the first time this February, surpassing Coinbase. Bullish's spot trading volume increased by 62.6% month-over-month to $76 billion, marking the highest monthly total since October last year. Its market share rose to 5.06%, exceeding Coinbase's 4.59%. Bullish was listed on the New York Stock Exchange last year. Although Bullish's market share has risen, overall activity on centralized exchanges has declined. Total spot and derivatives trading volume in February fell by 2.41% to $5.61 trillion, the lowest level since October last year. Binance remains the leader with a 22% market share, but its dominance has dropped to its lowest level since October 2020, indicating that trading activity is becoming more distributed across competing platforms.