Robinhood Crypto Volume Falls 21% to $17 Billion in October

Bitstamp and App Volumes Both Cool

Robinhood's crypto trading volume fell 21% from September to $17 billion in October, according to the operating data the company released on Nov. 12. The figure covers both the brokerage app and Bitstamp, the crypto exchange Robinhood acquired in 2025, and sits 48% below the $32.5 billion posted in October 2025. The app generated $6.8 billion in October turnover, down 24% month over month and 51% year over year, while Bitstamp handled $10.2 billion, a decline of 18% monthly and 45% annually that left the acquired venue with roughly 60% of the combined total. Average daily crypto volume across the two platforms came to $548 million, down from $713 million in September, and the daily trade count slipped to about 700,000 from 900,000, with a year-earlier figure near 1.1 million. Combined turnover dropped $4.4 billion from September's $21.4 billion. October's total also landed below August's $17.5 billion, when Bitstamp processed $10.1 billion and the app $7.4 billion, so Bitstamp's dollar turnover was nearly unchanged across the two months while app trading shed $600 million; August's reading itself had marked a 61% monthly rebound from July's $10.9 billion. Elsewhere on the platform, net deposits reached $15.1 billion and funded customers added about 130,000 to 28.9 million, yet platform assets slipped 3% to $383.2 billion. Margin balances climbed 4% monthly to $22.9 billion, while cash and deposit balances fell 20% to $16.4 billion, a move the company attributed mostly to customers being net buyers and said had largely reversed in early November. Equity notional volume rose 1% monthly to $325 billion and options held near 288.6 million contracts, so the brokerage outside crypto stayed steady while digital-asset activity cooled. Robinhood did not disclose a reason for the decline and notes the release, like all its monthly updates, is unaudited and preliminary.

Event Contracts Double While Crypto Revenue Slumps

Prediction markets moved in the opposite direction. Customers traded 5.9 billion event contracts in October, up 5% from September and 136% from the 2.5 billion recorded a year earlier, for a daily average of 190 million contracts. The tally covered the final weeks before the Nov. 3 midterm elections. In its third-quarter results published on Oct. 27, the company reported $173 million in event-contract revenue, more than six times the year-earlier amount, against $120 million in crypto transaction revenue, a 55% decline. Options led the disclosed categories at $399 million, followed by event contracts, equities at $121 million and cryptocurrencies. Total quarterly revenue reached $1.42 billion, up 12% annually, while net income fell 14% to $476 million and diluted earnings per share dropped 16% to $0.51. Robinhood is pressing further into leveraged futures trading: at its Sept. 29 summit it announced US crypto perpetuals on Bitcoin and Ether with up to 10 times leverage, other assets capped at three times, routed through Bitstamp at a 0.01% fee through year-end, alongside earnings contracts set to clear via Cboe. A September partnership with OG.com plans to route retail event contracts through that provider's exchange and clearing infrastructure, with Robinhood taking initial equity stakes in both OG.com and Crypto.com at valuations of $5 billion and $20 billion. In October the company also won a Dubai license to offer spot trading in bitcoin and stocks in the Middle East starting in 2027. Growth in prediction markets has drawn scrutiny in Washington: Sen. Elizabeth Warren, set to chair the Senate Banking Committee in January, plans a crackdown on election-betting platforms. The macro backdrop matters too, as bitcoin ended September near $83,500 and slid below $70,000 early Friday for the first time since August on a hot inflation report that raised bets on a December rate hike, while US spot bitcoin ETFs posted a sixth straight day of net outflows on Thursday and BlackRock's IBIT bled about $2 billion over nine sessions.

For Robinhood Markets (HOOD), COINOTAG's read of the two releases is that transaction economics no longer depend on crypto. Event contracts, binary wagers on elections, sports and economic data, out-earned crypto by $53 million in the third quarter even though both trade on the same 31-day calendar, so the mix shift looks structural rather than a one-month anomaly. The volume slump tracks a broader retail pullback, with bitcoin's move below $70,000 and six straight sessions of ETF outflows thinning fee-generating contract trading activity on the crypto side. November's operating data will show whether the selloff drew traders back to digital assets or pushed more of them toward event contracts; if the latter, Robinhood enters 2027 with its growth engine in prediction markets and a crypto franchise increasingly led by Bitstamp.