Robinhood's Crypto Credibility Boosted by New Users, But Most Activity Comes from Established Traders

Cathie Wood, CEO of ARK Invest, has praised Robinhood for gaining crypto credibility through its net new users. According to her, this influx of new users builds liquidity and raises the platform's standing in the cryptocurrency market.

However, on-chain analysis suggests that most activity on Robinhood Wallet swaps comes from existing degenerate (degen) terminals like GMGN, Axiom, and OKX on the new chain. This pattern mirrors broader Bitcoin market dynamics, where fresh retail onboarding remains limited.