Key Takeaways
Bullish (BLSH) has overtaken Coinbase (COIN) to become the third-largest centralized crypto exchange by spot trading volume. The move signals a significant shift in market dynamics, occurring even as overall trading activity across the industry declined in February.
- Bullish ascended to the number three spot after its February spot trading volume increased 62.6% month-over-month to $76 billion, its highest since October 2025.
- The exchange's market share grew to 5.06%, surpassing Coinbase, which captured 4.59% of the spot market during the same period.
- This growth occurred in a contracting market, where combined spot and derivatives volumes fell 2.41%, and market leader Binance saw its dominance slip to a low not seen since 2020.
