Crypto platform Bullish climbs past Coinbase to become third-largest crypto exchange by spot volume
Why it matters: Shifting exchange rankings reshape liquidity and competitive dynamics for crypto traders and investors.
- Bullish posted a 62.6% month‑over‑month jump in spot trading, reaching $76 billion and a 5.06% market share, pushing it ahead of Coinbase.
- Coinbase slipped to a 4.59% spot‑market share, losing its place as the third‑largest exchange.
- Binance remains the leader with ~22% share but its dominance hit the lowest monthly level since October 2020, indicating a more fragmented market.
- Overall CEX market saw spot and derivatives volumes fall 2.41% to $5.61 trillion, the weakest level since Oct 2024, amid muted crypto volatility.
Bullish surged 62% in February spot volume to $76 billion, overtaking Coinbase and becoming the third‑largest centralized crypto exchange by market share, while overall CEX activity slipped 2.4% and Binance’s dominance fell to its lowest level since 2020.
