According to CoinDesk on March 12, cryptocurrency trading platform Bullish (stock code: BLSH) saw a 62.6% month-on-month increase in spot trading volume to $76 billion in February, with a market share of 5.06%, ranking among the top three centralized exchanges in spot trading volume for the first time, surpassing Coinbase (4.59% market share).

Binance still ranks first with a spot market share of about 22%, with a spot trading volume of $331 billion in February, but its market dominance has fallen to its lowest level since October 2020.

It is reported that Bullish is the parent company of CoinDesk and was listed on the New York Stock Exchange last year. According to the analysis, centralized exchanges are intensifying competition in terms of liquidity, trading incentives and new products, and some platforms have cooperated with major US stock exchanges to launch tokenized securities or prediction market trading services.