Robinhood’s (Hood) Crypto Trading Volumes got a steep hit in February and tumbled 29% from the previous month in a retail-led decline that may have a message to other platforms, including Coinbase (Coin).
The fall to the month-over-month drop to $ 14.4 billion surpassed falls in shares and options, each of which fell 1%. Still, the figure was more than twice the year’s annual level, the company said in a press release.
The figure shows how trade fell off when the cryptocurrency market glid. Bitcoin (BTC) lost approx. 15% of its value last month, and the wider Coindesk 20 -Index (CD20) fell by approx. 23%. Across centralized cryptocurrency exchanges, Spot Trading dropped 19% to $ 2.3 trillion in February compared to January, Coindesk data shows.
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The demarcation in cryptocurrency volumes suggests lower retail interest in space and could have consequences for other exchanges, including Coinbase (Coin), which caters to a similar audience.
Shares of Robinhood, a retail -focused trading platform that also offers stocks, has fallen 4% this year. Coinbase, on the other hand, has fallen 15%in line with the wider Crypto Market Retreat.
However, Coinbase has expanded its institutional services and blockchain infrastructure business, which can help offset some of the impact of weaker retail. The company recently announced the introduction of 24/7 Bitcoin and Ether Futures Trading.
