Research Analyst

About Bullish

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. These include Bullish Exchange – a regulated and 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 Exchange is regulated in Germany, Hong Kong, and Gibraltar.

Coin Desk 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. Coin Desk Data – a broad suite of digital assets market data and analytics, providing real-time insights into prices, trends, and market dynamics. Coin Desk Insights – a digital asset media and events provider and operator of , a digital media platform that covers news and insights about digital assets, the underlying markets, policy, and blockchain technology.

Reports to: Manager, Research, Coin Desk

Coin Desk Research is hiring a Research Analyst to produce deep, data-driven research across crypto protocols and exchange markets. This role focuses on analysing complex on-chain and exchange-level datasets and translating them into high-quality written research used in paid client engagements, benchmarks, and flagship reports.

The successful candidate will work closely with Research Engineering and Coin Desk Data infrastructure to build repeatable analytical workflows and contribute to scalable research outputs. This is an individual contributor role suited to a technically strong, crypto-native researcher who values analytical rigor and clarity of writing.

This position is based in London and will be required to work full-time onsite at our Soho office. Required days onsite are at the discretion of the hiring manager.

• Conduct in-depth research on Layer-1 and Layer-2 protocols, including on-chain activity, tokenomics, governance, and ecosystem growth
• Analyse exchange-level market data, including spot and derivatives volumes, liquidity, stablecoin activity, and CEX vs DEX dynamics
• Work extensively with Coin Desk Data APIs and internal datasets, as well as third-party on-chain data sources
• Use Google Big Query, SQL, and Python to query, clean, and analyse large, complex datasets
• Build repeatable analytical frameworks that can be reused across research reports and client engagements
• Collaborate closely with Research Engineering on data pipelines, dashboards, and automated research workflows
• Produce clear, well-structured written research, ranging from long-form reports to analytical sections within larger deliverables
• Support flagship market quality research, exchange-level analysis, and bespoke client research projects across spot, derivatives, and stablecoin markets

Required

• Crypto-native background with hands-on experience across blockchain ecosystems (e.g. DeFi usage, governance participation, staking)
• Strong understanding of Layer-1 and Layer-2 architectures, rollups, and governance mechanisms
• Proven ability to work with complex datasets and derive original, data-backed insights
• Proficiency in SQL (Big Query) and working knowledge of Python for data analysis
• Familiarity with on-chain data tools (e.g. Dune, Nansen, Glassnode) and exchange/market data sources
• Strong research writing skills, with the ability to clearly explain complex systems and findings

• Preferred
• Experience in institutional-grade research, crypto investment research, or blockchain analytics
• Exposure to dashboards, data products, or research automation workflows
• Comfort working alongside data engineers or in data-heavy research teams
• Some experience contributing to paid research or advisory deliverables

Bullish is proud to be an equal opportunity employer. We are fast evolving and striving towards being a globally-diverse community. With integrity at our core, our success is driven by a talented team of individuals and the different perspectives they are encouraged to bring to work every day.