Robinhood’s crypto trading business got a boost from the implosion of FTX in November, but it turned out to be very short lived.
As we’d reported at the time, Robinhood’s crypto trading volume surged 60% from October to November, which likely reflected former FTX customers moving over to Robinhood’s app. But the question was how much of that activity was simply a one-time repositioning. As it turns out, Robinhood’s crypto trading volume fell from $5.7 billion in November to only $1.9 billion in December, the lowest monthly number by far that Robinhood has disclosed. (The company started breaking out monthly reports in March 2022, with data that stretches back to March 2021.)