Bitstamp's Dramatic Decline Skews Robinhood's Crypto Volume Numbers

Robinhood's retail app saw a significant decline in crypto volume from Q1 to Q2, but the numbers might be skewed by the inclusion of WonderFi trades in June. Bitstamp accounted for $20 billion, or 77%, of the $26 billion sequential decline in Robinhood's reported crypto notional volume.

The volume attributed to Bitstamp fell 48% from $42 billion in Q1 to $22 billion in Q2, while the Robinhood App declined by 25% from $24 billion to $18 billion. This means that Bitstamp supplied more than three-quarters of the drop in crypto notional volume.

It's worth noting that when Robinhood acquired Bitstamp in June 2025, it had around 500,000 funded retail customers and about 5,000 funded institutional customers, with most of its volume coming from institutions. This means that Bitstamp's trajectory is not a direct measure of Robinhood App engagement.

The numbers might also be affected by the change in how trades are reported. The Q2 disclosure says that the metric began including executed crypto trades from WonderFi customers in June, which adds one month of new reporting perimeter to Q2. This means that the App's 25% sequential decline is not a perfectly like-for-like measure.