Bullish Overtakes Coinbase to Rank No. 3 in Spot Crypto Trading

Overview

• Bullish’s spot volume rose 62.6% in February to $76 billion, lifting its market share to 5.06% versus Coinbase’s 4.59%, according to CCData via CoinDesk’s February Exchange Review.
• Total centralized trading fell 2.41% to $5.61 trillion, the weakest since October 2024, with spot at $1.50 trillion (down 3.01%) and derivatives at $4.11 trillion, or 73.2% of activity.
• Binance remained the top venue with about $331 billion in spot trading and roughly 22% share, its lowest monthly share since October 2020.
• Bullish targets institutional clients and has added products such as prediction markets to attract liquidity during slower periods.
• BLSH rose 1.25% as the ranking shift was reported and COIN gained 1.07%, while Wall Street analysts maintain a Moderate Buy consensus on BLSH; Bullish went public last year and is CoinDesk’s parent.