Robinhood’s February numbers make one thing crystal clear: crypto is back in the spotlight, and everything else is taking a back seat.
Crypto Volumes Climb
Crypto trading on Robinhood hit $25 billion in February, up 9% from January and 74% from a year ago. Of that, $9.4 billion ran through the Robinhood app, with the rest routed via Bitstamp, which Robinhood bought in 2025 to handle institutional and high-liquidity trades. January had $22.9 billion in crypto volume, so this is back-to-back growth.
The surge is fueled by Bitcoin near all-time highs, plus renewed volatility in other major coins and meme-adjacent tokens. Retail traders on the app and larger trades through Bitstamp are feeding each other, creating more engagement and fatter spreads. Robinhood’s crypto business, once thought to be slowing post-2021, is now the platform’s real growth engine.
Equities, Options, and Event Contracts Fall
Everything outside crypto is slowing:
- Equity trading fell 14% month-on-month to $194.4 billion, even though it’s still up 36% from a year ago.
- Options contracts dropped 10% to 180.3 million, with average daily volume down 5% from January.
- Event contracts—Robinhood’s prediction-market-style bets—plunged 29%, signaling that speculative energy has rotated away from binary macro bets.
This shift shows traders are moving away from single-stock speculation and mini macro-bets, and back into fast, volatile crypto plays.
What It Means
At a high level, Robinhood is reflecting the broader market mood: when crypto volatility and upside trends return, flows gravitate toward coins. For crypto markets, more retail and institutional activity through Robinhood and Bitstamp means bigger swings, more headline-driven buying and selling, and fatter tails whenever macro or Fed news hits.
In short: if you’re looking for where the action is, it’s on BTC, ETH, and the rest of crypto, while equities, options, and prediction markets are cooling off.
