Bullish Spot Volume Jumps 62% to Eclipse Coinbase

Edgen Crypto

·Mar 11 2026, 23:11

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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.

Bullish Spot Volume Climbs 62.6% to $76 Billion

The institutional-focused crypto platform Bullish (BLSH) captured the third-largest spot market share for the first time in February, driven by a significant increase in trading activity. The exchange's spot trading volume rose 62.6% from the previous month to $76 billion, marking its highest monthly total since October 2025. This performance boosted its market share by 2.04 percentage points to 5.06%, allowing it to overtake its U.S.-based rival, Coinbase.

Exchange Landscape Shifts as Overall Volume Dips 2.41%

Bullish's rise occurred as the broader crypto market experienced a slowdown. Combined spot and derivatives trading volumes on centralized exchanges fell 2.41% in February to $5.61 trillion, the lowest level recorded since October 2024. The decline coincided with a period of muted volatility for major assets like Bitcoin. In this environment, Coinbase (COIN) registered a 4.59% share of the spot market, falling behind Bullish. Meanwhile, market leader Binance saw its spot market dominance fall to approximately 22%, its lowest monthly level since October 2020. This trend suggests trading activity is becoming more distributed across a wider array of competing platforms.