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The institutional-focused exchange saw spot trading jump 62% to $76 billion in February, surpassing Coinbase’s market share.

What to know: 
Bullish became the third-largest centralized exchange by spot trading volume in February, with its 5.06% market share surpassing that of Coinbase.Bullish's gain in volume comes at a time when overall activity on centralized exchanges slowed, with combined spot and derivatives volumes falling 2.41% in February to $5.61 trillion amid muted cryptocurrency volatility for at least part of the month.Binance remained the largest exchange, with about 22% of spot market share, but its dominance fell to the lowest level since 2020 as trading activity spread across more competing platforms.
Crypto platform Bullish (BLSH), which operates an institutional-only crypto exchange business, climbed into the top three centralized crypto exchanges by spot trading volume for the first time in February, overtaking Coinbase (COIN) as trading activity across the industry slowed.
Spot trading volumes on Bullish, it rose 62.6% month over month to $76 billion, the exchange’s highest monthly total since October 2025. The surge lifted Bullish’s market share to 5.06%, up 2.04 percentage points, making it the third-largest centralized exchange by spot trading volume.
The increase pushed Bullish, which went public on the New York Stock Exchange last year, which held a 4.59% share of the spot market during the month.
The milestone comes even as overall activity on centralized exchanges declined. Combined spot and derivatives trading volumes fell 2.41% in February to $5.61 trillion, the lowest level recorded since October 2024.
The slowdown coincided with subdued volatility in major cryptocurrencies. Despite heavy volatility in the first and last weeks of February, bitcoin $BTC  spent much of the month trading in a narrow range between $60,000 and $70,000, limiting speculative activity that often drives higher trading volumes.
Spot trading accounted for $1.50 trillion of that total, down 3.01% from January. Derivatives trading fell 2.41% to $4.11 trillion but remained the dominant force, accounting for 73.2% of all trading on centralized exchanges.
While Binance remained the dominant exchange by a wide margin, recording $331 billion in spot trading volume during February, which represents about 22% market share, its dominance declined to its lowest monthly level since October 2020, suggesting trading activity is becoming more distributed across competing platforms.
Bullish’s rise in the rankings highlights shifting dynamics among centralized exchanges amid intensifying competition. Exchanges are increasingly competing on liquidity, trading incentives, and new product offerings to attract traders during periods of slower market activity. Some have partnered with major U.S. stock exchanges to offer tokenized securities or have launched prediction market trading.

#BinanceTGEUP #UseAIforCryptoTrading #TrumpSaysIranWarWillEndVerySoon

Były prezydent USA Donald J. Trump opublikował wiadomość na Truth Social około 19 godzin temu, odnosząc się do Zjednoczonego Królestwa i jego potencjalnych planów wysłania sił morskich na Bliski Wschód.

W poście Trump napisał, że Zjednoczone Królestwo—opisywane przez niego jako „nasz niegdyś Wielki Sojusznik, może Największy ze wszystkich”—rozważa wysłanie dwóch lotniskowców na Bliski Wschód. Zwrócił się bezpośrednio do premiera Wielkiej Brytanii Keira Starmera, sugerując, że taka pomoc nie byłaby już konieczna i dodając, że Stany Zjednoczone zapamiętają kraje, które „dołączają do wojen po tym, jak już wygraliśmy.”

Bitcoin is in a tense spot right now. As of today, $BTC is trading around $67,350, after reaching an intraday high near $68,482 and dipping as low as $67,034.

What makes this move interesting is that Bitcoin is no longer moving on crypto-only narratives. It is reacting to the same forces moving the wider market: geopolitics, oil, inflation expectations, and risk appetite. Earlier this week, renewed Middle East tension pushed oil higher and hit risk assets broadly, with Reuters noting bitcoin fell alongside stocks as investors moved into safer assets.  

At the same time, the bigger picture is not purely bearish. Bitcoin had just rebounded sharply from its February low near $60,000 and recently traded above $72,000–$73,000, helped by renewed institutional demand and improving sentiment. That tells us buyers are still active, but they are not yet strong enough to hold a full breakout.  

What is driving BTC right now

The first driver is macro uncertainty. When oil spikes and markets worry about inflation, traders become less willing to hold volatile assets. That has hurt bitcoin’s ability to sustain moves above the psychological $70,000 level.  

The second driver is ETF flow behavior. U.S. spot bitcoin ETFs showed strong inflows on March 2, 3, and 4, but more recent data shows flows turning mixed to negative again, suggesting institutions are interested but not aggressively chasing price at current levels.  

The third driver is derivatives positioning. CoinGlass data shows active liquidations and elevated leverage in the market, which usually means BTC can still make sudden moves in either direction as over-positioned traders get forced out.  

So what is Bitcoin’s next move?

Right now, $BTC looks like it is in a decision zone.

The bullish case is straightforward: if macro conditions calm down and ETF demand stabilizes again, bitcoin could reclaim $70,000 and make another attempt toward the recent $72,000–$73,000 area. A clean break above that zone would suggest the recent rebound is not just a relief rally, but the start of a stronger continuation move. Reuters and other market coverage this week have already framed the move above $70,000 as an important sentiment test.  

The bearish case is also clear: if geopolitical stress keeps pressure on oil and risk markets, BTC may lose the current range and revisit the mid-$60,000s. If selling intensifies, the February area around $60,000 becomes the major support everyone will watch.

My read

The most likely near-term outcome is continued volatility and range trading, not an immediate moonshot. Bitcoin has shown that buyers still step in on weakness, but it has also shown it cannot yet hold a clean breakout above $70,000 with conviction. Mixed ETF flows, macro pressure, and leveraged trading all point to a market that is still deciding its next trend.  

That means the market is probably waiting for one of two things: either a macro relief signal that brings risk appetite back, or a deeper flush lower that resets positioning before the next leg up.

Bottom line

Bitcoin is not broken, but it is not fully bullish yet either.

The structure right now looks like this:

Support: around the mid-$60,000s, then the February zone near $60,000Resistance: $70,000 first, then the recent rebound area around $72,000–$73,000Bias: neutral to cautiously bullish if BTC reclaims and holds above $70,000; more fragile if macro headlines worsen #JobsDataShock #AltcoinSeasonTalkTwoYearLow #MarketPullback