Crypto World
Market Metrics Suggest the AI Bubble Has Not Reached Peak Stage
TLDR:
- Search trends show persistent fear around the AI bubble, which historically appears during early expansion phases.
- Nasdaq returns and valuations remain far below dot-com extremes, signaling a cycle that has not reached mania.
- Rising margin debt indicates leverage growth, a pattern seen before peaks rather than during collapses.
- Market gains remain concentrated in mega-cap stocks, not broad participation typical of bubble finales.
The debate over an AI bubble has intensified as technology stocks continue to dominate market performance. New research shared by Bull Theory argues that current conditions do not match historical patterns seen at major market peaks.
Instead, indicators point to an expansion phase rather than an imminent collapse. The analysis draws on valuation metrics, liquidity trends, and long-term bubble cycles.
AI Bubble Signals Show Fear and Concentration, Not Euphoria
Bull Theory reports that search activity for the phrase “AI bubble” remains elevated on Google Trends. High search interest reflects widespread concern rather than widespread confidence.
Historical market cycles show that bubbles tend to peak when public attention fades and belief becomes absolute. Current search behavior suggests the opposite phase, where fear and skepticism remain dominant.
Nasdaq performance also differs from past mania periods. Over the last five years, the index has risen about 88 percent, far below the twelvefold surge recorded during the dot-com era.
Valuation data supports this comparison. Dot-com Nasdaq price-to-earnings ratios reached roughly 60, while today’s Nasdaq trades near 26, according to market datasets cited by Bull Theory.
Market breadth further weakens the bubble argument. The S&P 500 equal-weight index has gained only about 10 percent over the past year, showing that gains concentrate in a small group of mega-cap firms.
Nvidia, Apple, Microsoft, Google, and Amazon account for most of the rally. Previous bubble peaks required broad participation across sectors and stocks.
Volatility indicators also signal caution. VIX spikes accompany most market pullbacks, and options data shows consistent demand for downside protection.
These patterns reflect defensive positioning rather than the low-volatility environment typical of late-stage speculative peaks.
Liquidity and Leverage Data Point to Ongoing Expansion Phase
Margin debt has climbed to about $1.1 trillion, the highest level on record. Bull Theory notes that past bubbles burst only after leverage began to contract sharply.
At present, leverage continues to rise alongside market funding activity. This trend aligns with earlier phases of historical bubbles rather than final stages.
Macro liquidity conditions also remain supportive. Central bank actions in the United States, Japan, and China have injected capital into global markets, sustaining risk appetite.
U.S. fiscal projections show federal debt rising toward $50 trillion by the end of the decade. Large-scale spending typically increases liquidity across financial systems.
Sentiment indicators show division rather than certainty. Retail traders respond to every correction with increased put option activity, while institutional investors remain cautious.
Bull Theory links this environment to the period between early warnings and the eventual peak seen in prior cycles. During the dot-com era, warnings surfaced in 1997, while the market topped in 2000.
A similar pattern appeared before the housing crash, with alerts years ahead of the final breakdown. The firm places current AI-related warnings in a comparable timeline window.
Corporate earnings also support the present valuation structure. Revenue growth from firms like Nvidia and Microsoft continues to justify capital inflows tied to artificial intelligence infrastructure.
Data from Nasdaq, Google Trends, and margin accounts collectively show a market still building momentum. The research concludes that present conditions reflect acceleration rather than exhaustion.
[PRESS RELEASE – Singapore, Singapore, March 11th, 2026]
FinCEN-registered platform enables seamless connection between Web3 wallets and compliant USD accounts, providing global users with instant access to fiat financial services.
EvoCash has officially launched its Web3 financial services platform, offering a Web3 wallet-to-USD account bridge that connects cryptocurrency wallets directly to compliant USD accounts. Registered as a Money Services Business (MSB) with the U.S. Financial Crimes Enforcement Network (FinCEN) under the Bank Secrecy Act, the platform provides access to real-time USDT-to-USD conversion and comprehensive fiat on-ramp and off-ramp financial services for users worldwide.
The platform addresses a common challenge in the cryptocurrency ecosystem: converting digital assets into fiat efficiently. Traditional financial institutions often apply additional scrutiny to cryptocurrency-related transactions, which can lead to delays or service limitations for some users — particularly international freelancers, digital nomads, and cross-border businesses. EvoCash provides a crypto-to-fiat infrastructure designed to support these users within a compliance-focused framework.
MSB Registration and Global Compliance Framework
EvoCash’s MSB registration with FinCEN enables legal operation of money transmission and currency exchange services in the United States and internationally. The platform operates under comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures aligned with regulatory requirements, enabling global user access without geographic banking restrictions.
Web3-compliant USD accounts are provided through partnerships with financial institutions using For Benefit Of (FBO) account arrangements, keeping user funds safeguarded at the partner bank and clearly segregated from company assets, while maintaining the speed and accessibility crypto users demand — particularly valuable for international users seeking crypto-to-fiat bridge solutions. This structure provides users with access to USD accounts without the restrictions typical of traditional banking.
Key Platform Features for Global Users
EvoCash offers an integrated suite of financial services:
- Real-Time USDT-to-USD Conversion: Instant conversion between stablecoins and fiat currency without multi-day bank delays
- Fiat On-Ramp and Off-Ramp: Bidirectional flows between crypto and traditional currency
- Web3-Compliant USD Accounts: Compliant fiat accounts connected directly to Web3 wallets via partner financial institutions in the U.S.
- Trading and Exchange Services: Multi-asset crypto trading integrated within the platform
- Global Onboarding: Accessible to users worldwide without requiring local banking relationships — critical for international freelancers and digital nomads
- Multichain Support: Asset management across multiple blockchain networks
- Cross-Border USD Payments: Seamless international payment processing
- Access to Traditional Instruments: Holdings in precious metals like gold alongside crypto assets
Solving Banking Friction Globally
Cryptocurrency users worldwide regularly experience frozen bank accounts, delayed withdrawals, and sudden account closures when attempting to convert digital assets to fiat. This challenge is particularly acute for international users across multiple jurisdictions.
EvoCash eliminates these barriers by providing regulatory-compliant infrastructure specifically designed for crypto-native transactions and global operations. Traders can convert profits immediately without waiting periods. Freelancers receiving crypto payments can access USD for everyday expenses instantly — regardless of where they’re located. Digital nomads can maintain USD accounts globally without local banking requirements.
Future Expansion with Visa Integration
The platform is pursuing approval for a Visa card linked to stablecoins, currently under review with issuing partners. Once approved and launched, the card will enable users to spend crypto-backed USD balances at merchants worldwide through integrated stablecoin payments functionality, further bridging digital assets and traditional commerce globally.
EvoCash’s compliance-first approach combined with purpose-built infrastructure for cryptocurrency users positions the platform as a leading crypto-to-fiat bridge connecting Web3 and traditional financial systems.
About EvoCash
EvoCash is a Web3 financial services platform registered as a Money Services Business (MSB) with FinCEN under the Bank Secrecy Act. The platform operates as a crypto-to-fiat bridge connecting decentralized finance and traditional financial systems through Web3-compliant USD accounts, real-time USDT-to-USD conversion, fiat on-ramp and off-ramp services, trading and exchange services, and multi-asset financial tools. EvoCash provides users with access to real-time stablecoin-to-USD conversion, global onboarding, cross-border USD payments, and multichain support, all within a secure, compliance-focused infrastructure. USD‑denominated accounts are provided through partner financial institutions in the U.S. using FBO account structures, so client funds are held and safeguarded at the partner bank and kept separate from EvoCash’s own funds. For more information, users can visit evocash.org.
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Crypto World
Wyden Adds VALR to its Global Liquidity Network, Expanding Institutional Digital Asset Access in South Africa and Beyond
[PRESS RELEASE – Zurich/Johannesburg, Switzerland/South Africa, March 12th, 2026]
Wyden, the global leader in institutional digital asset trading technology, today announced the integration of VALR, the largest crypto exchange in Africa by trade volume, into its market-wide network of liquidity connectors.
The partnership marks a significant milestone in Wyden’s strategic growth in South Africa. Through this integration, Wyden’s institutional clients gain seamless, direct access to VALR’s deep liquidity pools, including the world’s deepest ZAR-denominated crypto markets. VALR’s extensive offering of 100+ crypto assets, including tokenized stocks and private credit as well as crypto bundles, will now be accessible through the Wyden trading platform.
By combining Wyden’s end-to-end trade lifecycle automation, Smart Order Routing (SOR), and best execution capabilities with VALR’s comprehensive range of crypto assets spanning spot margin, perpetual futures, and OTC services, financial institutions can now navigate the South African and global digital asset markets with increased efficiency and reduced operational risk.
The integration ensures that Wyden clients can execute large-scale trades with best execution while maintaining the rigorous compliance standards required by European regulators and the FSCA, under which VALR is licensed.
Commenting on the integration, Andy Flury, Wyden’s Founder and President of the Board, said: “South Africa represents a strategically vital market as we continue to expand our global institutional footprint. By integrating VALR, we are providing our clients with unparalleled access to the deepest liquidity in the region and a broad range of innovative assets. VALR’s commitment to regulatory excellence and institutional-grade infrastructure aligns perfectly with Wyden’s mission to provide banks and brokers with the most reliable and efficient trading technology available.”
Farzam Ehsani, Co-Founder and CEO at VALR, added: “This integration with Wyden represents a major step forward in bridging global institutional demand with Africa’s deepest crypto liquidity. It further solidifies VALR’s position as a leading infrastructure and liquidity provider not only across the continent but also on the international stage, empowering institutions, businesses, and individuals with seamless, compliant, and secure access to our comprehensive range of digital assets.”
As South Africa continues to establish itself as a sophisticated regional hub for digital asset regulation and trading, the partnership provides a robust gateway for global and local financial institutions.
About Wyden
Wyden is the global leader in institutional digital asset trading technology. By covering the entire trade lifecycle and supporting seamless custody, core banking, and portfolio management system integration as well as full trade lifecycle automation, the Wyden platform streamlines digital assets trading. Engineered by a team of trading system veterans and crypto asset experts, Wyden offers best-in-class integrated infrastructure solutions that meet the highest institutional needs. Headquartered in Zurich, Wyden runs several product hubs in Poland and has offices in Singapore and New York.
To learn more, visit www.wyden.io
About VALR
Founded in 2018 and headquartered in Johannesburg, VALR is backed by leading investors including Pantera Capital, Coinbase Ventures, GSR, and Fidelity’s F-Prime Capital. As a global crypto exchange, VALR offers a comprehensive suite of products—including Spot Trading, Spot Margin, Derivatives, Staking, Crypto Bundles, Borrowing & Lending, OTC services, VALR Invest, and VALR Pay. Licensed by South Africa’s FSCA and with regulatory approval in Europe, VALR serves over 1.7 million users and 1,800 corporate and institutional clients worldwide. The exchange is dedicated to advancing a just financial future that upholds human dignity and the unity of mankind.
For more information, visit valr.com.
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Bloomberg reported Thursday that US prosecutors urged a federal judge to reject Sam Bankman-Fried’s request for a new criminal trial, arguing that the former FTX chief failed to meet the legal standard for a retrial.
According to the report citing court documents, prosecutors said Bankman-Fried’s claim that new witnesses could undermine the government’s case does not meet the legal standard required to grant a retrial.
Prosecutors reportedly argued that testimony cited by Bankman-Fried from former FTX executives Ryan Salame and Daniel Chapsky did not amount to newly discovered evidence because both men were known to the defense before the 2023 trial.
The prosecutors’ response marks the latest procedural step in Bankman-Fried’s effort to overturn his conviction tied to the collapse of FTX, the crypto exchange whose failure triggered one of the industry’s biggest scandals.
Related: SBF seeks new FTX fraud trial, citing new witness testimony
Court has yet to rule on retrial request
Bankman-Fried filed the motion for a new trial in February, arguing that testimony from former executives could challenge the prosecution’s account of FTX’s financial condition before its collapse.
The defense argued that testimony from Salame and Chapsky could weaken the government’s narrative presented to jurors during the trial. Judge Kaplan later ordered prosecutors to respond to the motion by March 11.
The judge has not yet ruled on whether the motion will proceed. Bankman-Fried separately continues to appeal his conviction in the US Court of Appeals for the Second Circuit.
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A jury convicted Bankman-Fried in November 2023 on seven counts of fraud and conspiracy related to the misuse of customer funds at FTX and its sister trading firm, Alameda Research. He was later sentenced to 25 years in prison.
Pardon speculation runs alongside court challenges
Bankman-Fried’s court efforts have unfolded alongside public speculation that he may be seeking a presidential pardon.
On Feb. 1, the former FTX CEO praised US President Donald Trump’s crypto stance in social media posts, adding to scrutiny over whether he was trying to build political support while pursuing legal relief.
That speculation has so far gone nowhere publicly. On Jan. 9, Trump reportedly told The New York Times he had no intention of pardoning Bankman-Fried, leaving an appeal and retrial motion as his main avenues for overturning his conviction.
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The Pi Network community is buzzing with anticipation as the major cryptocurrency exchange Kraken officially announced it will list Pi coin for trading starting tomorrow, March 13.
Summary
- Kraken will list Pi Network’s PI token on March 13, triggering bullish sentiment across the crypto market.
- The listing comes a day before Pi Day, when the project typically announces major ecosystem updates.
- PI is trading near $0.2347 with strong momentum indicators, though analysts warn a short-term “sell the news” pullback remains possible after the listing.
This strategic timing puts the listing exactly one day before Pi Day (March 14), the project’s annual celebration often reserved for major ecosystem milestones.
The “Kraken effect” and Pi Day synergy
Kraken’s listing is a massive validation for the mobile-first Layer-1 blockchain. As a veteran U.S.-based exchange, Kraken’s support provides PI coin (PI) with a level of institutional-grade legitimacy and deep liquidity it has long sought.
The news serves as a powerful fundamental tailwind. With the Open Mainnet having launched exactly one year ago, the community is now looking toward Pi Day for the launch of the Pi Decentralized Exchange (PiDEX) and further smart contract utilities.
The convergence of a top-tier exchange listing and the project’s biggest annual event has created a “perfect storm” of bullish sentiment.
Breaking down PI coin’s next moves
The PI/USDT daily chart reveals a highly aggressive bullish setup, confirming that the “smart money” began positioning well before the official Kraken tweet.
Currently, PI is trading at approximately $0.2347, showing a solid gain of +4.13% for the day. This upward trend has pushed the price well above the 50-day Simple Moving Average (SMA), which sits near $0.1736, signaling a bullish shift in market sentiment.
The SMA often acts as a key support level, and PI’s sustained trading above this line suggests buyers are firmly in control.
The Relative Strength Index (RSI), a momentum oscillator that measures overbought or oversold conditions, is near 69.26—just below the overbought threshold of 70. This indicates strong buying momentum, though traders should be cautious as RSI nearing 70 can sometimes precede a short-term pullback.
The recent price action reveals a pattern of higher highs and higher lows, confirming the bullish trend. However, the visible price wicks on recent candles imply some volatility and profit-taking at higher levels, which is typical in a strong rally.
While “sell the news” risks always exist after a listing, the proximity to Pi Day suggests the rally may have more legs than a typical exchange pump.
The spot Ripple (XRP) ETFs have seen several consecutive days of outflows.
Bloomberg’s James Seyffart praised the performance of the spot XRP ETFs as of late despite the overall market uncertainty and the underlying asset’s price calamity.
However, the ETF experts’ words come at a time when the funds have seen several days of consistent outflows.
XRP ETFs Hold Up Well
The first month after the debut in mid-November was quite impressive as Canary Capital’s XRPC, which was the first such fund to go live for trading on Wall Street, broke the 2025 trading volume record for the launch day. The first $1 billion in cumulative net inflows was gathered in about a month, but the trend has changed substantially since then.
Data from SoSoValue shows that investors poured in $666.61 million into the funds, which are now five, in November and $500 million in December. January saw nowhere near those numbers with just $15.59 million, while February picked up the pace slightly to $58.09 million.
March is shaping up to be the first red month so far, with current data showing $26.07 million in net outflows. This is because investors pulled out $6.15 million on March 5, $16.62 million on March 6, $18.11 million on March 9, and $3.88 million on March 10.
Despite this evident investor exodus, Seyffart noted that the funds have “actually held up pretty well despite the massive pullback in price.” Interestingly, his data shows that the cumulative total for the XRP ETFs is at over $1.4 billion, while SoSoValue cited a lower number, $1.21 billion.
The XRP ETFs have actually held up pretty well despite the massive pullback in price. They’ve taken in a cumulative $1.4 billion since launch. pic.twitter.com/Bjtmb0y40D
— James Seyffart (@JSeyff) March 10, 2026
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The Price Pullback
Although the exchange-traded funds have amassed well over $1 billion in their four months of existence, the underlying asset’s price has indeed pulled back as Seyffart noted. Not just in the past few weeks when global uncertainty has skyrocketed to new peaks, but even when we examine XRP’s moves since November 13, when XRPC launched.
At the time, the token traded at around $2.50 but plunged to a 15-month low of $1.11 on February 6. Despite rebounding since then, XRP still trades below $1.40 as of press time, which means a 45% decline since the ETF debut.
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The official website for the Solana memecoin launchpad, Bonk Fun, has been hijacked. A malicious actor seized control of the domain on Wednesday (March 11), deploying a wallet drainer disguised as a standard interaction.
The platform’s team has issued an urgent warning: do not interact with the website until further notice. Users who connect their wallets and sign the current prompts face immediate theft of their assets.
As news of the BONK meme coin spreads, it has dropped nearly 1% over the past 24 hours, following a disastrous year in which the Solana meme coin lost -45% of its value.
It is a bad time for a platform hack, as the meme coin sector has enjoyed a +2.5% daily pump, taking the total market cap back above $32Bn, with tokens like DOGE, PEPE, Memecore, and SHIB all posting green candles.
How Did the Malicious Actor Breach the Bonk Fun Front-End?
The attack vector exploits user trust rather than the blockchain infrastructure itself. According to X user SolportTom, the platform’s operator, hackers hijacked a team account to force a drainer onto the domain. This is not a smart contract failure; it is a front-end takeover.
Visitors to the site are currently greeted with a fake terms-of-service message. This pop-up, which mimics standard compliance requests, is the trigger mechanism.
If you sign this request, the protocol grants the attacker permission to empty your wallet, and it will happen within seconds.
“A malicious actor has compromised the BONKfun domain,” the platform announced via its official X account. “Do not interact with the website until we have secured everything.”
How Much Has Been Drained and Who Is Affected
The Bonk.fun team hasn’t confirmed how much was lost to the hack, but has stated that losses are “minimal,” attributing the low damage to the developers’ rapid detection.
Only users who interacted with the fraudulent terms-of-service prompt during the active hijack window were affected. However, the exact dollar figure verified by on-chain analysis remains pending.
— Coin Bureau (@coinbureau) March 11, 2026
AAVE ORACLE GLITCH TRIGGERS $26M IN WRONGFUL LIQUIDATIONS
A pricing oracle error on Aave caused about $26million in wstETH positions across 34 accounts to be unfairly liquidated after the system reported an incorrect exchange rate, with affected users set to be compensated. pic.twitter.com/qMbsAhQnnl
This incident mirrors broader risks in the sector, as an Aave oracle glitch triggered liquidations earlier this year due to interface and data anomalies.
While the mechanics differ, the result for user funds is identical: an unexpected loss due to a technical compromise.
Phishing attacks like this are becoming industrialized. According to Chainalysis, overall crypto scam losses reached approximately $17Bn in 2025.
The shift toward domain hijacking indicates attackers are bypassing protocol security to target the user interface directly.
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What Bonk.fun Users Need to Do Right Now
If you have visited Bonk.fun in the last 24 hours, assume your session security was compromised. Front-end attacks often bypass standard defenses, as the recent discovery by Ledger researchers of an Android flaw enabling wallet seed phrase theft demonstrates.
Take these steps immediately:
- Disconnect your wallet: Remove Bonk.fun from your connected sites list in your wallet settings.
- Revoke approvals: Use a tool like Revoke.cash to revoke any recent permissions granted to Bonk.fun contracts.
- Check your history: Verify that no unauthorized transfers have occurred.
“We understand a lot of people are scared and rightly so, but we’re doing everything in our power to fix the situation,” SolportTom wrote.
Users should now sit tight and wait for an official “all-clear” from the Bonk.fun X account before returning to the site.
If the site remains compromised for another 24 hours, user migration to rival launchpads like Pump.fun will likely accelerate, and Bonk.fun may struggle to regain whatever was left of its userbase.
If the team resolves the DNS hijack quickly and refunds the “minimal” losses, confidence may stabilize, but the pressure is now on the operators to prove the domain is safe.
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The post Bonk Fun Website Hijacked: Live Exploit Is Draining User Funds appeared first on Cryptonews.
TLDR
- Changpeng Zhao’s wealth is pegged at $110 billion by Forbes, securing him the 17th position globally
- This valuation positions CZ above Microsoft co-founder Bill Gates, who sits at $108 billion
- Zhao challenged the assessment publicly, noting cryptocurrency valuations collapsed more than 50% in 2026
- CZ’s fortune stems primarily from owning approximately 90% of Binance equity, rather than cryptocurrency tokens
- The exchange commands roughly 38% of worldwide crypto trading volume and pulled in an estimated $16–17 billion during 2024–2025
Changpeng Zhao, who founded the cryptocurrency exchange Binance, now ranks above Microsoft co-founder Bill Gates in wealth, according to fresh estimates from Forbes. The publication’s March 10 assessment values Zhao’s fortune at roughly $110 billion.
This valuation secures Zhao the 17th spot on Forbes’ worldwide billionaire rankings. Gates trails slightly behind at approximately $108 billion.
Zhao established Binance, which has become the dominant force in cryptocurrency trading globally. His tenure as chief executive ended in 2023 following a guilty plea to charges related to inadequate anti-money laundering compliance.
The legal settlement required Zhao to pay $50 million personally and complete a four-month sentence at a California correctional facility. Separately, Binance settled with authorities for $4.3 billion in fines.
Though no longer serving as CEO, Zhao reportedly maintains ownership of roughly 90% of Binance’s equity. This substantial stake forms the foundation of his estimated net worth.
Financial experts place Binance’s valuation near $100 billion. The platform facilitates tens of trillions in trading activity annually between spot markets and derivatives.
The exchange captures approximately 38% of worldwide cryptocurrency trading activity. Revenue projections suggest Binance pulled in $16 billion to $17 billion throughout 2024 and 2025 combined—roughly 2.5 times Coinbase’s $6.6 billion yearly intake.
Zhao responded skeptically to Forbes’ wealth calculation soon after its publication. Writing on X on March 11, he highlighted that digital asset prices had declined over 50% during 2026 and questioned the logic behind an increased net worth estimate.
“Wish they can apply some common sense and basic logic,” he wrote.
How Exchange Owners Can Gain During a Market Downturn
Cryptocurrency trading platforms generate income through transaction fees independent of price direction. Market turbulence typically drives higher trading activity, potentially boosting exchange earnings even as asset values contract.
This mechanism may account for why Binance’s valuation remained stable or expanded despite broader market contraction.
Zhao’s personal cryptocurrency portfolio hasn’t shown similar resilience. His reported holdings of approximately 1,400 Bitcoin depreciated roughly 25% over twelve months, now worth about $100 million. This represents only a minor fraction of his total estimated wealth.
Some observers on social platforms suggested Zhao profited from short positions during October 10’s crypto market collapse, which triggered massive liquidations in derivatives trading. Zhao refuted these claims directly, stating: “Never shorted.”
Where Bitcoin, Ethereum, and XRP Stand Now
When Forbes released its assessment, Bitcoin was exchanging hands near $71,000, with Ethereum hovering around $2,080 and XRP trading close to $1.40.
Binance additionally operates BNB Chain, a blockchain platform with its own native cryptocurrency. The ecosystem maintains a market capitalization approaching $88 billion.
Key Highlights
- February saw Bullish (BLSH) record $76 billion in spot volume—a 62.6% monthly increase and the highest level since October 2025.
- The exchange surpassed Coinbase (COIN) to claim the third spot among centralized crypto exchanges by spot trading volume.
- Bullish captured 5.06% of the spot market, exceeding Coinbase’s 4.59% share.
- Total centralized exchange volume declined 2.41% in February to $5.61 trillion, marking the weakest performance since October 2024.
- Binance maintains its leadership position, though its market dominance reached its lowest level since October 2020.
Bullish ($BLSH), the institutional-grade cryptocurrency exchange that debuted on the New York Stock Exchange last year, has achieved a significant milestone by breaking into the top three global exchanges ranked by spot trading volume.
This achievement materialized in February when the exchange registered $76 billion in spot transactions—representing a robust 62.6% increase compared to the previous month.
This impressive growth elevated Bullish’s market share to 5.06%, marking a 2.04 percentage point gain from January. The performance enabled the platform to overtake Coinbase ($COIN), which concluded February with a 4.59% market share.
BLSH shares advanced 1.25% following the announcement, while COIN stock increased 1.07%.
February’s trading volume represented Bullish’s strongest monthly performance since October 2025, particularly noteworthy given the subdued market conditions throughout the period.
Bitcoin remained largely confined to a $60,000-$70,000 trading range during February. Such consolidation typically suppresses speculative activity, which often results in diminished volumes industry-wide.
Aggregate spot and derivatives trading across centralized exchanges contracted 2.41% in February to $5.61 trillion—representing the weakest monthly total since October 2024.
Spot volume specifically decreased 3.01% to $1.50 trillion. Derivatives trading declined 2.41% to $4.11 trillion, accounting for 73.2% of total centralized exchange volume.
Institutional Strategy Insulates Bullish During Market Lull
Bullish’s business model centers on serving institutional participants rather than retail investors. This strategic positioning appears to have protected the exchange from broader volume declines affecting retail-focused competitors.
The platform has simultaneously been diversifying its service portfolio. Recent additions include prediction market trading capabilities, a feature some exchanges have introduced to maintain engagement during periods of reduced volatility.
Wall Street analysts maintain a Moderate Buy consensus rating on BLSH, comprising four Buy recommendations and two Hold ratings issued over the past three months. The consensus 12-month price target stands at $48.17, suggesting approximately 29.5% potential upside from present levels.
Binance Retains Leadership Despite Declining Market Share
Binance continues to dominate the exchange landscape. The platform processed $331 billion in spot trading volume during February, corresponding to approximately 22% market share.
However, this 22% figure represents Binance’s smallest monthly market share since October 2020. The trend indicates trading activity is increasingly distributed across multiple competing platforms.
February data sourced from CCData via CoinDesk’s February Exchange Review.
Bitcoin is facing resistance just above $70,000, but the bulls have kept up the pressure, increasing the possibility of a rally to $74,508.
Bank of England Deputy Governor Sarah Breeden told UK lawmakers that the central bank is open to alternative ways to manage stablecoin risks other than imposing holding limits.
Speaking before the House of Lords Financial Services Regulation Committee on Wednesday, Breeden said the proposed holding limits are designed to prevent a mass migration of deposits from banks into stablecoins, arguing it could curtail lending and reduce credit availability for businesses and households.
“We are genuinely open to other ways of achieving the objective. I think you’ve heard from other people as part of your inquiry that this risk to the provision of credit is real.”
“We proposed holding limits as a way of managing that risk. We are open to feedback on other ways of achieving it. But I think you would expect us as the financial stability authority to ensure that there isn’t a precipitous drop in credit to the businesses and households in the UK,” Breeden added.
Industry groups have criticized the proposed limits, floated at between 10,000 and 20,000 British pounds ($13,368 to $26,733), arguing it would signal that the UK is hostile to crypto and drive businesses offshore, while stifling innovation and undermining economic growth.
Self-custody wallets holding stablecoins not “permissible”
Last November, the Bank of England released a consultation paper outlining its proposed regulatory framework for sterling-denominated systemic stablecoins, inviting public feedback through Feb. 10.
The central bank flagged that it would continue monitoring the risks associated with unhosted wallets, such as reduced oversight of transactions.
However, Breeden ruled out self-custody wallets holding stablecoins, telling lawmakers that users holding stablecoins in self-custody wallets outside regulated entities such as exchanges won’t be covered by the UK’s regulatory regime.
“There is this concept of an unhosted wallet, you haven’t got a wallet provider who is a regulated entity who is ensuring that AML [anti-money laundering] KYC [know your customer] criteria are complied with. Unhosted wallets will not be permissible in the UK; they are permissible in the US regime,” Breeden said.
Sterling stablecoin applications will open before end of 2026
The Financial Conduct Authority, which regulates the UK financial services industry, has established a regulatory sandbox that will allow several firms to test stablecoin products and services in Q1 2026.
Related: Stablecoin inflows rebound to $1.7B as Washington battles over yield rules
Even though the Bank of England is still consulting and finalizing rules for sterling stablecoins, companies can start applying to launch their coins before the end of 2026.
“I hear some say that the UK is behind. I simply don’t recognize that. We’ll be welcoming applications from stablecoin issuers by the end of this year,” Breeden said.
“On the substance of our regime, the guiding principle is that a stable coin used as money in the economy should be as robust as the money we use today issued by banks.”
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