Markets
Robinhood Cryptocurrency Trading Volume Dropped 57% in April – Robinhood Markets (NASDAQ:HOOD)
May 16, 2024 1:52 p.m. | 2 minutes of reading
Robinhood Markets Inc. (NASDAQ:HOOD) reported a significant decline in crypto trading volumes in April, reflecting a cooling among individual investors interest in digital assets.
And after: The trading platform revealed in an operating report on Wednesday that its notional crypto trading volumes fell to $10.1 billion in April, a sharp drop of 57% from $23.6 billion of March, Bloomberg. reported.
Despite this sharp drop, the figures remain up 173% compared to the same period last year.
Daily Average Revenue Transactions (DART), which indicates the number of commission-generating transactions per day, also saw a notable decrease.
DARTs fell 43% to around 400,000 trades, although that’s still double the amount seen in April 2023. Robinhood has yet to comment on these recent numbers.
The decline in trading volumes on Robinhood was more pronounced than that seen on other cryptocurrency exchanges.
Why is this important: According to data from researcher CCData, spot trading volumes on centralized exchanges such as Coinbase (NASDAQ:PIECE OF MONEY), BinanceAnd Kraken fell 32.6% to $2 trillion in April.
This is the first decline in seven months, attributed to a reduction in investor demand following Bitcoin(CRYPTO: BTC) fell from its March record.
The recent decline in crypto trading volumes highlights the volatility and changing dynamics of the digital asset market. As retail investor enthusiasm wanes, platforms like Robinhood are experiencing greater impacts than their larger counterparts.
And after: This shift in trading activity and its implications for the digital assets market will be a key topic at Benzinga’s Future of Digital Assets event on November 19.
The event will explore the evolving landscape of digital assets, providing insight into investor behavior, regulatory challenges and future trajectory of cryptocurrencies.
Read next: Crypto traders are as socially valuable as Brits’ escorts, study finds
Image: Shutterstock
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