Crypto platform Bullish has climbed to become the third-largest centralized exchange by spot trading volume, surpassing Coinbase in February. Bullish, which operates an institutional-focused exchange, saw its spot trading volume jump 62.6% month-over-month to $76 billion, marking its highest monthly total since October 2025.
This surge lifted Bullish’s market share to 5.06%, positioning it ahead of Coinbase, which held a 4.59% share. The milestone occurs as overall trading activity on centralized exchanges declined by 2.41% in February to $5.61 trillion, the lowest level since October 2024. Binance remains the dominant exchange, though its market share has decreased.