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Crypto Platform Bullish Climbs Past Coinbase to Become Third-Largest Crypto Exchange by Spot Volume

Crypto platform Bullish, 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 as trading activity across the industry slowed, according to CoinDesk Data’s February Exchange Review.

Spot trading volumes on Bullish, which is the parent company of CoinDesk, 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, ahead of Coinbase, which held a 4.59% share of the spot market during the month.

Mastercard Recruits Binance, Ripple and PayPal for Crypto Partner Program

Mastercard said Wednesday that it has launched the Crypto Partner Program, a global initiative uniting over 85 crypto-native companies, payment providers, and financial institutions.

The program reflects a growing recognition that digital assets are moving beyond speculation and into practical applications, it said—such as cross-border remittances, business-to-business transfers, and settlement—often integrated quietly into existing financial infrastructure.

The payments giant has tapped many of the largest companies in the crypto world, with an announcement video showcasing industry giants like crypto exchanges Binance, Crypto.com, Bybit, and Gemini, as well as XRP-linked payments firm Ripple, USDC stablecoin issuer Circle, and payments companies MoonPay and PayPal.

Ripple Begins Buying Back Shares at $50 Billion Valuation

Crypto financial services firm Ripple has commenced buying back up to $750 million in shares from employees and investors at a $50 billion valuation, according to a report from Bloomberg, citing sources familiar with the XRP-linked company’s plans.

The report says that the offer is expected to run through April. A person familiar with the matter confirmed the valuation and the start of the share buyback program to Decrypt.

The $50 billion valuation would represent a 25% boost in the value of the company from its latest fundraising round, when it raised $500 million at a $40 billion valuation in November. That round included participation from affiliates of Citadel Securities, Fortress Investment Group, and Brevan Howard. 

Crypto Traders Turn to Hyperliquid for Oil Bets Amid Iran Volatility

Crypto traders are increasingly using the DeFi derivatives platform Hyperliquid to speculate on oil prices, in the latest sign that always-on crypto markets are beginning to absorb trading tied to global macro shocks.

Oil-linked perpetual futures on Hyperliquid processed roughly $991 million in trading volume over the past 24 hours, according to data shared Wednesday on X by James Wang, director of product marketing at Cerebras Systems. Comparable contracts recorded about $75,000 in volume on Coinbase over the same period.

The disparity underscores how liquidity for synthetic commodity exposure is clustering on crypto-native derivatives venues rather than traditional exchanges or U.S.-based crypto platforms.

Bitcoin & Ethereum Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Wednesday was $115.17 million. The total net asset value of Bitcoin spot ETFs is $90.89 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.43%.

The Bitcoin spot ETF with the highest net inflow on March 11 was iShares Bitcoin Trust (IBIT), with a net inflow of $115.26 million, according to SoSoValue.

Source: SoSoValue

The overall net inflow of the US Ethereum spot ETF on Wednesday was $57.01 million. The total net asset value of Ethereum spot ETFs is $11.85 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.75%.

The Ethereum spot ETF with the highest net inflow on March 11 was Fidelity Ethereum Fund (FETH), with a net inflow of $19.13 million, according to SoSoValue.

Source: SoSoValue