PANews reported on May 16 that as retail investors' interest in digital assets cooled, Robinhood Markets Inc.'s cryptocurrency trading volume fell by more than half in April, exceeding the decline of rival exchanges. Robinhood said in an operating report on Wednesday that the nominal trading volume of cryptocurrencies last month was $10.1 billion, down 57% from the $23.6 billion in March. It is still up 173% from the same period last year. In addition, the average daily revenue trading volume of the stock trading platform (used to indicate the number of transactions that generate commissions per day) fell 43% to about 400,000.
The drop was more pronounced than at other cryptocurrency exchanges. Spot trading volumes on centralized exchanges such as Coinbase, Binance and Kraken, excluding Robinhood, plunged 32.6% to $2 trillion last month, according to research firm CCData. It was the first such drop in seven months, as investor demand for crypto assets has suffered as Bitcoin retreated from its all-time high in March.
