Bullish Surpasses Coinbase With $76B February Spot Volume as Bitcoin Holds $65K–$73K Range During West Asia Conflict

Institutional Exchange Surge Coincides With Falling Panic Selling and Strong ETF Inflows

TL;DR

• Bullish jumped to the third-largest centralized exchange after spot trading rose 62.6% to $76 billion, capturing 5.06% market share and overtaking Coinbase’s 4.59%.
• Industry activity slowed as total centralized exchange trading fell 2.41% to $5.61 trillion, with spot volume at $1.50 trillion and derivatives at $4.11 trillion.
• Bitcoin traded between $65,000 and $73,000, while daily loss-driven selling dropped from $3 billion to $370 million and spot Bitcoin ETFs recorded inflows of $167 million and $250 million.

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According to CoinDesk, Bullish climbed into the top three global centralized cryptocurrency exchanges by spot trading volume after a sharp increase in activity on its institutional-focused trading platform. The exchange recorded a 62.6% month-over-month surge in spot trading during February, reaching $76 billion and marking the company’s strongest monthly total since October 2025. Bullish captured 5.06% of the global spot market, up by 2.04 percentage points, according to exchange data, moving ahead of Coinbase, which accounted for 4.59% of total spot market share. Bullish operates a trading platform designed primarily for institutional participants and became publicly listed on the New York Stock Exchange last year.

Market data covering centralized exchange activity showed trading volumes declined across the broader industry during the same period. Combined spot and derivatives trading across centralized venues reached $5.61 trillion in February, representing a 2.41% drop from the previous month and the lowest level recorded since October 2024. Spot trading accounted for $1.50 trillion of that activity after falling 3.01% from January levels. Derivatives markets remained dominant in centralized exchange activity, totaling $4.11 trillion despite a similar 2.41% monthly decline and representing 73.2% of total trading volume.

Binance retained its position as the largest centralized exchange by spot trading activity. The platform processed $331 billion in spot trades during February, accounting for about 22% of the global spot market. Market-share data shows Binance’s dominance reached its lowest monthly level since October 2020 as trading volumes became more distributed across competing exchanges. Rival platforms have increasingly introduced trading incentives, liquidity programs, and new product lines while pursuing partnerships with traditional financial institutions to launch tokenized securities and prediction market trading.

Crypto markets also maintained relatively stable price movement during geopolitical tensions in West Asia that began in late February with the U.S.–Israel conflict involving Iran. Bitcoin traded in a narrow band between $65,000 and $73,000 during the period based on COIN360 data from the crypto price index tracking major digital assets. Ethereum and other large-cap cryptocurrencies showed similar behavior across the broader market, with the overall coin market cap remaining relatively steady despite the geopolitical developments.

Research analysts at Coinbase, led by David Duong, reported that panic selling pressure in crypto markets had fallen sharply following volatility earlier in February. Their analysis cited the Spent Output Profit Ratio metric for short-term holders of Bitcoin and Ethereum. The firm wrote that “An upturn in STH SOPR for BTC and ETH beginning in late February suggests spot demand has recently been strong enough to absorb countervailing selling pressure, indicating more resilient market positioning.”

Duong added in the report that “panic sell-offs or capitulations always set the stage for a reset in spot positioning and a potential sustainable recovery.” The research note followed a period of selling pressure earlier in the month when crypto price movements triggered waves of realized losses among short-term investors. Market participants monitor the SOPR metric to determine whether investors are selling coins at a loss or profit based on on-chain transaction data.

Separate research from Bitfinex analysts examined realized loss activity across the Bitcoin market. The firm reported that daily Bitcoin sell-offs occurring at a loss declined significantly, falling from $3 billion to $370 million. Analysts wrote that “The cohort willing to sell at a discount has largely exhausted itself.”

Institutional demand has remained a key factor influencing the crypto price index, with spot Bitcoin exchange-traded funds reporting net inflows of $167 million on Monday and $250 million on Tuesday during the same week, according to ETF flow data tied to institutional trading exposure to the coin market cap leader.

This article has been refined and enhanced by ChatGPT.