Is Robinhood Losing Crypto Users? Trading Volume Saw A Plummet In April
Key Points:
- Robinhood’s crypto trading volume significantly declined in April.
- Despite a monthly drop, yearly trading volume increased by 173%.
- Robinhood previously received a Wells Notice from the SEC.
Is Robinhood losing crypto users? Data shown a 57% drop in trading volume in April. This exceeds declines on rival exchanges.
According to BBG, Robinhood reported a significant drop in its cryptocurrency trading volume in April, a decline that outpaced those seen on rival exchanges.
Is Robinhood losing Crypto Users? Trading Volume Tanks
The drop reflects a cooling interest in digital assets among retail investors. The company’s crypto notional trading volumes plunged 57% from March to $10.1 billion last month, though this figure still represents a 173% increase from the same period last year.
Robinhood’s daily average revenue trades, indicating the number of daily trades that generated commission, also fell by 43% to about 400,000. The thereof data was twice the amount recorded in April 2023.
Interestingly, Robinhood’s decrease in crypto trading volume was more precipitous than that of other exchanges. Centralized exchanges, excluding Robinhood, such as Coinbase, Binance, and Kraken, saw a 32.6% fall to $2 trillion last month.
Readmore: GME Calls Target Massive Gains Despite 35% Share Drop
Robinhood’s Quarterly Profit and Crypto Revenue Increase
The downturn follows Robinhood’s second consecutive quarterly profit announced on May 8, which was partly driven by a surge in crypto trading in March. The company’s cryptocurrency revenue in the first quarter rocketed 232% to $126 million.
Robinhood, headquartered in Menlo Park, California, also revealed that it had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC).
The notice signifies the regulator’s intent to challenge the firm over its crypto business, as the SEC has previously argued that most cryptocurrencies are under its jurisdiction and that trading platforms should be registered with the commission.
However, Robinhood maintains that the assets listed on its platform are not securities.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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Is Robinhood Losing Crypto Users? Trading Volume Saw A Plummet In April
Key Points:
- Robinhood’s crypto trading volume significantly declined in April.
- Despite a monthly drop, yearly trading volume increased by 173%.
- Robinhood previously received a Wells Notice from the SEC.
Is Robinhood losing crypto users? Data shown a 57% drop in trading volume in April. This exceeds declines on rival exchanges.
According to BBG, Robinhood reported a significant drop in its cryptocurrency trading volume in April, a decline that outpaced those seen on rival exchanges.
Is Robinhood losing Crypto Users? Trading Volume Tanks
The drop reflects a cooling interest in digital assets among retail investors. The company’s crypto notional trading volumes plunged 57% from March to $10.1 billion last month, though this figure still represents a 173% increase from the same period last year.
Robinhood’s daily average revenue trades, indicating the number of daily trades that generated commission, also fell by 43% to about 400,000. The thereof data was twice the amount recorded in April 2023.
Interestingly, Robinhood’s decrease in crypto trading volume was more precipitous than that of other exchanges. Centralized exchanges, excluding Robinhood, such as Coinbase, Binance, and Kraken, saw a 32.6% fall to $2 trillion last month.
Readmore: GME Calls Target Massive Gains Despite 35% Share Drop
Robinhood’s Quarterly Profit and Crypto Revenue Increase
The downturn follows Robinhood’s second consecutive quarterly profit announced on May 8, which was partly driven by a surge in crypto trading in March. The company’s cryptocurrency revenue in the first quarter rocketed 232% to $126 million.
Robinhood, headquartered in Menlo Park, California, also revealed that it had received a Wells Notice from the U.S. Securities and Exchange Commission (SEC).
The notice signifies the regulator’s intent to challenge the firm over its crypto business, as the SEC has previously argued that most cryptocurrencies are under its jurisdiction and that trading platforms should be registered with the commission.
However, Robinhood maintains that the assets listed on its platform are not securities.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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