As retail investor interest in digital assets cooled, Robinhood Markets Inc.'s cryptocurrency trading volume more than halved in April, outpacing declines at rival exchanges. Nominal cryptocurrency trading volume was $10.10 billion last month, down 57 percent from $23.60 billion in March, Robinhood said in an operations report on Wednesday. Still up 173 percent from a year earlier. In addition, the stock trading platform's average daily revenue trading volume, which is used to indicate the number of trades generating commissions per day, fell 43 percent to about 400,000.
The drop was more pronounced than on other cryptocurrency exchanges. Data from research firm CCData showed that spot trading volumes on centralized exchanges such as Coinbase, Binance and Kraken (excluding Robinhood) plunged 32.6% last month to $2 trillion. It was the first such drop in seven months, and investor demand for crypto assets was hurt by bitcoin's retreat from its all-time high in March.
Robinhood cryptocurrency trading volume fell 57% month-on-month in April.
2024-05-16 16:02:33
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