Bloomberg: Robinhood's cryptocurrency trading volume in April fell 57% month-over-month, a decline greater than that of other competitors

ChainCatcher news, according to Bloomberg, as retail investors' interest in digital assets cools, Robinhood Markets Inc.'s cryptocurrency trading volume dropped by more than half in April, exceeding the decline of competing exchanges.

In an operational report on Wednesday, Robinhood stated that last month's nominal cryptocurrency trading volume was $10.1 billion, a 57% decrease from March's trading volume of $23.6 billion. However, it still represents a 173% increase compared to the same period last year. Additionally, the average daily revenue trading volume (which indicates the number of trades that generate commissions each day) for the stock trading platform fell by 43%, to about 400,000 trades.

This decline is more pronounced than that of other cryptocurrency exchanges. Data from research firm CCData shows that the spot trading volume of centralized exchanges such as Coinbase, Binance, and Kraken (excluding Robinhood) plummeted by 32.6% last month, to $2 trillion. This marks the first decline in seven months, as investor demand for crypto assets was affected by Bitcoin's retreat from its historical high in March.