Why a $20 billion Bitstamp slump makes Robinhood’s retail app look far weaker than it really is
Robinhood’s reported crypto notional volume fell from $66 billion in Q1 2026 to $40 billion in Q2, a 39% drop. Bitstamp accounted for most of the decline: its volume fell 48% from $42 billion to $22 billion, contributing $20 billion, or 77%, of the $26 billion sequential decrease. Robinhood App volume also fell, but less sharply, from $24 billion to $18 billion, a 25% decline. The combined headline now mixes two different customer bases, so it is not a clean measure of Robinhood App activity. Bitstamp’s volume is heavily influenced by institutional trading, while Robinhood App is mainly retail. Comparability is also reduced because Q2 App volume began including executed crypto trades from WonderFi customers in June, adding a new reporting perimeter. Crypto notional measures trade value, not revenue, and companywide crypto revenue is still reported without a split between Bitstamp and the App.
