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Bitstamp volume slump distorted Robinhood crypto notional comparisons
Bitstamp supplied more than three-quarters of the sequential decline in Robinhood’s reported crypto notional volume, while the App metric also changed reporting to include WonderFi trades.
Robinhood’s reported crypto trading notional fell sharply from the first to the second quarter of 2026, but the decline is heavily influenced by a drop at Bitstamp, which the outlet notes accounted for $20 billion, or 77%, of the $26 billion sequential reduction. According to CryptoSlate, Bitstamp volume attributed to Robinhood fell 48%, from $42 billion in Q1 to $22 billion in Q2.
CryptoSlate says the Robinhood App’s own metric declined 25%, from $24 billion to $18 billion, accounting for the remaining $6 billion of the sequential notional drop. Overall, Robinhood’s crypto notional shrank 39%, from $66 billion to $40 billion, with Bitstamp providing more than three-quarters of the move.
The outlet also highlights two comparability issues that can make quarter to quarter interpretation difficult. First, Bitstamp’s activity is not a direct read on Robinhood App engagement, CryptoSlate notes, because Robinhood closed the Bitstamp acquisition in June 2025 and Bitstamp had more than 500,000 funded retail customers and about 5,000 funded institutional customers, with most volume coming from institutions.
Second, CryptoSlate reports that Robinhood’s Q2 disclosure broadened the App metric to include executed crypto trades from WonderFi customers starting in June, meaning the quarter includes one month of a different reporting perimeter. With notional described as a “traffic counter” for dollar value of trades rather than company revenue, the venue split provides a snapshot of where trading was recorded, but not necessarily how customers shifted between Bitstamp and the App.