Coinbase, the big name in US crypto trading, might be facing some competition. A new report from Kaiko Research says a newer exchange called Bullish is gaining ground.
Bullish is Making Waves
Bullish, which launched in 2021, has been seeing a lot of activity in Bitcoin and Ethereum trading. In fact, they’re now doing about the same amount of trading as Coinbase for these two major cryptocurrencies. Some days, Bullish even beats Coinbase!
Why is Bullish Doing So Well?
Part of Bullish’s success might be due to some market makers leaving Binance.US last year. Binance.US faced some regulatory issues, and some traders decided to switch to Bullish.
Bullish’s Big Names
Bullish has some big names on its team, too. Brendan Blumer, who co-founded the EOS blockchain, is the chairman. Tom Farley, who used to run the New York Stock Exchange, is the CEO.
Coinbase Still Has a Strong Institutional Base
Even though Bullish is gaining traction, Coinbase still has a strong connection with institutional investors. One metric, called the “Coinbase premium,” shows that institutional investors are still interested in Bitcoin. This premium measures the difference between Bitcoin prices on Coinbase and Binance. A higher premium means institutions are buying more Bitcoin on Coinbase.
