Bullish surpasses Coinbase to become 3rd largest spot exchange by volume

Cryptocurrency exchange Bullish became one of the top three centralized exchanges by spot trading volume in February, with its market share of 5.06% surpassing Coinbase's 4.59%. The exchange's spot volume for the month reached $76 billion, a 62.6% increase from the previous month and its highest level since October 2025. Meanwhile, Binance maintained its leading position with approximately 22% of the spot market, though this marked its lowest share since 2020 as trading volume became more distributed among competing platforms.