Bullish released its February 2026 monthly metrics package, reporting total trading volume of $84.1 billion, up from $52.2 billion in January 2026. Total spot trading volume rose to $77.4 billion from $45.4 billion, driven by spot BTC volume of $41.8 billion versus $22.5 billion and spot ETH volume of $12.9 billion versus $8.4 billion; spot stablecoin volume increased to $19.0 billion from $11.2 billion, while spot other volume edged up to $3.7 billion from $3.4 billion. Perpetual trading volume increased to $3.1 billion from $2.0 billion, while options volume declined to $3.6 billion from $4.8 billion. Average trading spread increased to 2.16 bps from 1.67 bps, and monthly average volatility rose to 61% for BTC from 33% and to 82% for ETH from 46%.

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