Bullish Surpasses Coinbase to Become Third-Largest Crypto Exchange
- Bullish’s spot trading volume reached $76 billion in February, a month-over-month increase of 62.6%.
- This surge increased Bullish’s market share to 5.06%, surpassing Coinbase’s share of 4.59%.
- Overall centralized exchange trading volumes fell by 2.41% in February, totaling $5.61 trillion, the lowest since October.
- Bitcoin traded between $60,000 and $70,000 for most of February, limiting speculative activity.
- Binance maintained its lead with $331 billion in spot trading volume but saw its market share decline to about 22%.
The rise of Bullish highlights shifting dynamics among centralized exchanges as competition intensifies for liquidity and trading incentives during slower market periods.
Bullish’s climb to third place reflects a significant increase in its trading volume compared to January, marking a pivotal moment in the competitive landscape of crypto exchanges with a market share increase of over two percentage points.
