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Bullish Overtakes Coinbase to Rank Third in Spot Crypto Trading Volume

Bullish Overtakes Coinbase to Rank Third in Spot Crypto Trading Volume

According to CoinDesk Data’s February Exchange Review, Bullish posted about $76 billion in February spot volume and a 5.06% market share, surpassing Coinbase as overall centralized exchange activity declined.

Fact Check
The statement is fully supported by a primary report from CoinDesk (the parent company of Bullish) and secondary reporting from BlockBeats. Both sources cite specific data from the 'CoinDesk Data February Exchange Review' showing Bullish reached a 5.06% spot market share ($76 billion) compared to Coinbase's 4.59%.
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Summary

Bullish became the third-largest centralized crypto exchange by spot trading volume in February, overtaking Coinbase, according to CoinDesk Data’s February Exchange Review. Bullish’s spot volume rose 62.6% month over month to about $76 billion, lifting its market share to 5.06%, ahead of Coinbase’s 4.59%. The shift came during a broader slowdown in centralized exchange activity, with combined spot and derivatives volumes falling 2.41% in February to about $5.61 trillion.

Terms & Concepts
  • Spot trading volume: The total value of assets traded for immediate settlement on an exchange during a given period.
  • Centralized exchange: A crypto trading platform operated by a company that manages order matching, custody, and user access.
  • Derivatives: Financial contracts whose value is linked to an underlying asset such as a cryptocurrency rather than a direct spot holding.