How does software EQ work in Traktor Pro 2?

Lately I noticed that when I turned up the bass on my EQ for the track, the bass didn't appear to really get louder. Instead, the other ranges (mid, high) appeared to go down in volume.

What exactly is happening? It's not the same as in standard analog EQ, where only the range you are controlling gets affected.

Does Traktor try to keep the overall gain the same, by lowering the flat gain opposite the way you turn the knob? Or is it just the output volume limiter kicking in?

My EQ is set to NUO, which I subjectively find gives the nicest, best separated EQ controls for the audio. (I don't want the mid to follow along when turning up or down bass or treble.) Or so I thought.