3 months ago
Robinhood’s (HOOD) crypto trading volumes took a steep deed successful February, tumbling 29% from the erstwhile period successful a retail-trader-led diminution that mightiness transportation a connection for different platforms including Coinbase (COIN).
The month-over-month driblet to $14.4 cardinal outpaced declines successful equities and options trading, which each fell 1%. Even so, the fig was much than treble the year-earlier level, the institution said successful a press release.
The fig shows however trading dropped disconnected arsenic the cryptocurrency marketplace slid. Bitcoin (BTC) mislaid astir 15% of its worth past period and the broader CoinDesk 20 Index (CD20) fell by astir 23%. Across centralized cryptocurrency exchanges, spot trading dropped 19% to $2.3 trillion successful February compared with January, CoinDesk data shows.
Memecoin enactment besides eased, with starring token launchpad Pump.fun seeing regular token launches plunge to 24,000 from 62,000, according to 10x Research.
The slowdown successful cryptocurrency trading volumes suggests little retail involvement successful the abstraction and could person implications for different exchanges including Coinbase (COIN), which caters to a akin audience.
Shares of Robinhood, a retail-focused trading level that besides offers equities, person dropped 4% this year. Coinbase, successful contrast, has fallen 15%, successful enactment with the broader crypto marketplace retreat.
Coinbase has, however, been expanding its organization services and blockchain infrastructure business, which could assistance offset immoderate of the interaction from weaker retail trading. The institution precocious announced the introduction of 24/7 bitcoin and ether futures trading.
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