Bullish releases February 2026 monthly metrics
MWN-AI** Summary
On March 6, 2026, Bullish (NYSE: BLSH) reported its monthly trading metrics for February 2026, highlighting key performances across Bitcoin and Ethereum trading volumes, average spreads, and market volatility.
In terms of trading volume, Bitcoin (BTC) spot trading saw significant activity, totaling $41.8 billion, a notable increase from January's $22.5 billion. Ethereum (ETH) spot trading also increased to $12.9 billion, up from $8.4 billion the prior month. The overall spot trading volume, which includes stablecoins and other digital assets, amounted to $77.4 billion, demonstrating resilience in a fluctuating market.
Bullish's trading platform maintained a competitive edge, as indicated by the average trading spread. The average spread for BTC was reported at 2.22 basis points, while ETH's was slightly lower at 1.74 bps. Notably, the overall average spread went up to 2.16 bps in February, reflecting a tighter trading environment.
Volatility metrics suggested heightened market activity. Bitcoin's monthly volatility increased to 61%, up from 33% in January, while Ethereum's volatility rose to 82%, indicating a more unstable trading environment. These fluctuations are significant in assessing risk and market dynamics.
Noteworthy is Bullish's commitment to transparency and information availability. Investors can access detailed metrics and previous reports through the company’s investor relations website.
In summary, Bullish's February 2026 metrics reflect robust growth in trading volumes, manageable spreads, and increased volatility, indicating an active and dynamic market landscape for institutional investors in digital assets. For further details, stakeholders are encouraged to consult the metrics package available on their investor relations platform.
MWN-AI** Analysis
In February 2026, Bullish (NYSE: BLSH) reported robust monthly metrics that provide key insights into its performance and market positioning within the digital asset sector. Notably, total trading volume reached $84.1 billion, reflecting a substantial rebound compared to prior months. This uptrend was significantly driven by a 41% increase in Bitcoin trading volume to $41.8 billion and a healthier environment for Ethereum, which saw a modest recovery to $12.9 billion.
The declining average trading spread, particularly in the spot market, narrowed to 2.22 basis points, indicating improved liquidity and reduced trading costs for clients. Lower trading spreads typically suggest a more competitive market, allowing users better entry and exit points, which can stimulate higher trading volumes and attract more institutional participants.
Monthly volatility metrics further reveal interesting trends: Bitcoin volatility spiked to 61%, while Ethereum's increased to 82%. While heightened volatility can pose risks, it also presents opportunities for traders who engage in short-term strategies. This could also signal a favorable environment for options trading, with institutions potentially hedging against price swings.
Given these encouraging developments, potential investors might consider Bullish as a buy. The resurgence in trading activity and improved market metrics could position Bullish as a leading exchange amid an evolving crypto landscape.
However, investors should remain vigilant of potential regulatory changes affecting digital asset markets. Additionally, the historical trend of cryptocurrency volatility means risk management strategies will be crucial for those engaging in trading or investment positions with Bullish.
In summary, with a growing market presence and enhanced performance metrics, Bullish shows promise for capital appreciation, yet investors should prepare for inherent market risk. Regularly reviewing Bullish’s monthly metrics and broader market conditions will be essential for informed decision-making.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Bullish (NYSE: BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services, released its monthly metrics for February 2026 on Friday, March 6, 2026 .
These metrics include trading volume, average trading spread, and measures of volatility for Bitcoin and Ethereum. For definitions and additional information regarding these metrics, please refer to the monthly metrics packages available on investors.bullish.com .
About Bullish
Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides regulated market infrastructure and information services. This includes Bullish Exchange – an institutionally focused digital assets spot and derivatives exchange, integrating a high-performance central limit order book matching engine with automated market making to provide deep and predictable liquidity. Bullish Europe is regulated under MiCAR as a crypto asset service provider offering spot trading and custody services for digital assets.
Bullish is the parent company of CoinDesk, a leading provider of digital asset media and information services. CoinDesk's offerings include: CoinDesk Indices – a collection of tradable proprietary and single-asset benchmarks and indices that track the performance of digital assets for global institutions in the digital assets and traditional finance industries; CoinDesk Data – a broad suite of digital asset market data and analytics, providing real-time insights into prices, trends and market dynamics; and CoinDesk Insights – a digital asset media and events provider and operator of coindesk.com , a digital media platform that covers news and insights about digital assets, the underlying markets, policy and blockchain technology.
For more information, please visit bullish.com and follow LinkedIn and X .
Use of Websites to Distribute Material Company Information
We use the Bullish Investor Relations website ( investors.bullish.com ) and our X account ( x.com/bullish ) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the U.S. Securities and Exchange Commission (SEC) and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.
Source: Bullish
| Monthly Metrics Report for February 2026 | ||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||
2025 | 2026 | |||||||||||||||||||||||||||||
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | |||||||||||||||||
| (B - in billions) | ||||||||||||||||||||||||||||||
| Trading Volume () | ||||||||||||||||||||||||||||||
| Spot - BTC | 34.6 | 30.9 | 43.2 | 39.2 | 32.8 | 19.9 | 20.8 | 18.2 | 16.4 | 38.2 | 38.4 | 25.9 | 22.5 | 41.8 | ||||||||||||||||
| Spot - ETH | 18.3 | 19.2 | 14.9 | 10.9 | 12.0 | 9.5 | 11.1 | 12.8 | 8.8 | 15.1 | 14.1 | 9.6 | 8.4 | 12.9 | ||||||||||||||||
| Spot - Stablecoin | 19.4 | 20.9 | 17.0 | 13.3 | 10.3 | 8.1 | 12.9 | 8.6 | 8.1 | 19.6 | 18.4 | 13.8 | 11.2 | 19.0 | ||||||||||||||||
| Spot - Other | 4.8 | 3.8 | 2.7 | 2.2 | 2.6 | 2.4 | 4.0 | 4.6 | 4.1 | 4.6 | 4.4 | 2.9 | 3.4 | 3.7 | ||||||||||||||||
| Total Spot | 77.1 | 74.8 | 77.7 | 65.5 | 57.6 | 39.9 | 48.8 | 44.3 | 37.3 | 77.5 | 75.3 | 52.2 | 45.4 | 77.4 | ||||||||||||||||
| Options | 0.0 | 0.0 | 0.0 | 2.8 | 6.2 | 4.8 | 3.6 | |||||||||||||||||||||||
| Perpetual | 6.6 | 7.8 | 8.0 | 6.8 | 5.8 | 4.1 | 5.0 | 4.6 | 2.2 | 3.0 | 2.7 | 2.6 | 2.0 | 3.1 | ||||||||||||||||
| Total Trading Volume | 83.7 | 82.5 | 85.7 | 72.3 | 63.4 | 44.0 | 53.8 | 48.8 | 39.6 | 80.5 | 80.8 | 61.1 | 52.2 | 84.1 | ||||||||||||||||
| Average Trading Spread (bps) | ||||||||||||||||||||||||||||||
| Spot | 2.14 | 1.97 | 1.87 | 1.65 | 1.55 | 1.58 | 1.76 | 2.55 | 1.96 | 1.75 | 1.94 | 1.82 | 1.74 | 2.22 | ||||||||||||||||
| Options | 1.00 | 0.93 | 1.29 | 1.34 | 1.66 | 1.95 | 2.42 | |||||||||||||||||||||||
| Perpetual | (1.06 | ) | (1.41 | ) | (2.38 | ) | (1.47 | ) | (0.86 | ) | (1.22 | ) | (0.80 | ) | (0.65 | ) | 0.21 | (2.67 | ) | (0.13 | ) | (0.30 | ) | (0.61 | ) | 0.37 | ||||
| Average Trading Spread | 1.90 | 1.65 | 1.47 | 1.36 | 1.32 | 1.32 | 1.52 | 2.25 | 1.86 | 1.59 | 1.85 | 1.71 | 1.67 | 2.16 | ||||||||||||||||
| Monthly Average Volatility | ||||||||||||||||||||||||||||||
| BTC | 48 | % | 44 | % | 50 | % | 44 | % | 33 | % | 28 | % | 27 | % | 28 | % | 23 | % | 38 | % | 45 | % | 39 | % | 33 | % | 61 | % | ||
| ETH | 60 | % | 78 | % | 69 | % | 70 | % | 67 | % | 54 | % | 54 | % | 60 | % | 42 | % | 58 | % | 68 | % | 53 | % | 46 | % | 82 | % | ||
* Figures presented may not sum precisely due to rounding |
Additional Information & Disclosures
This monthly metrics package provides certain limited purpose monthly performance results of Bullish. This information is presented without commentary and should be read together with our most recent quarterly and annual results and our filings with the U.S. Securities and Exchange Commission (SEC), which are available on our Investor Relations website at investors.bullish.com .
The information provided is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the quarter, as reported in our SEC filings, might vary from the information provided in this monthly metrics package.
Bullish expects to release monthly metrics packages for the prior month’s performance after the end of each month.
We use our Investor Relations website ( investors.bullish.com ) and our X account ( x.com/bullish ) to publicize information relevant to investors, including information that may be deemed material, in addition to filings we make with the SEC and press releases. We encourage investors to regularly review the information posted on our website and X account in addition to our SEC filings and press releases to be informed of the latest developments.
Definitions
Trading Volume represents the notional value of trades, i.e. the product of the quantity of assets transacted and the trade price at the time the transaction was executed. The quantity represents the total U.S. dollar equivalent value of matched trades transacted between a buyer and seller through our platform during the period of measurement.
Average Trading Spread represents total commissions earned from transactions on the Bullish Exchange for the period, expressed as a percentage of the trading volume for the period. Management reviews this metric, which reflects the cost of trading on the Bullish Exchange, changes in fair value of perpetual futures, and rebates, for insight into the average revenue generated per unit of trading volume on our platform.
Volatility is calculated using 1-minute price intervals from Coindesk Data's Adaptive Diversified Liquidity Index for BTC and ETH. We determine the daily volatility by measuring the standard deviation of these minute-by-minute price changes, which provides a more granular view of price fluctuations. This daily figure is then converted to an annualized volatility by multiplying it by the square root of 365, a standard practice for making risk metrics comparable over a one-year period.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260306029246/en/
Media: media@bullish.com
Investor Relations: investors@bullish.com
FAQ**
What strategies does Bullish BLSH employ to maintain consistent trading volumes for Bitcoin and Ethereum, as observed in their monthly metrics report?
How does Bullish BLSH plan to enhance liquidity and reduce average trading spreads on their exchange in the upcoming months?
Can Bullish BLSH provide insights into the factors driving the fluctuations in monthly average volatility for BTC and ETH, as detailed in their recent metrics?
What measures is Bullish BLSH taking to attract institutional investors to their platform amid an evolving regulatory landscape for digital assets?
**MWN-AI FAQ is based on asking OpenAI questions about Bullish (NYSE: BLSH).
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