Trading activity across equities, options, and cryptocurrencies slowed in November, sparking concerns that retail investor momentum may be easing.
Crypto weakness weighed on Robinhood (HOOD), which reported $28.6 billion in crypto trading for the month — down 12% from October’s $32.5 billion and 19% lower than the same period last year, when crypto surged following Donald Trump’s election victory. Bitstamp, the crypto exchange Robinhood plans to acquire, also saw volumes decline 11%.
Equity trading volumes fell 37% month-over-month to $201.5 billion but remained 37% higher year-over-year. Total platform assets dropped 5% to $325 billion.
The slowdown underscores concerns that the recent retail trading boom may be cooling. For a company heavily dependent on transaction-based revenue, weaker activity across equities, options, and crypto could pressure earnings.
Robinhood shares fell 8% on Thursday, though they remain up 216% year-to-date.
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