Bitstamp supplied 77% of Robinhood's crypto notional drop in Q2. The retail app fell 25%, not 39% — a key distinction for traders tracking the mix shift.
Alpha Score of 40 reflects weak overall profile with moderate momentum, poor value, moderate quality, moderate sentiment.
Bitstamp accounted for $20 billion, or 77%, of the $26 billion sequential decline in Robinhood's crypto notional volume.
Volume attributed to Bitstamp fell 48%, from $42 billion in the first quarter to $22 billion in the second quarter, Robinhood said in its Q2 2026 shareholder letter. The Robinhood App declined 25%, from $24 billion to $18 billion, making up the remaining $6 billion of the drop.
Robinhood’s crypto notional shrank 39%, from $66 billion to $40 billion. The headline total now blends two different customer bases into one number, obscuring the view of activity inside the retail app.
Bitstamp, which Robinhood closed in June 2025, had more than 500,000 funded retail customers and about 5,000 funded institutional customers, with most of its volume coming from institutions, the company said at the time. Bitstamp's trajectory is not a direct read on retail trading.
The Robinhood App's 25% decline is also not perfectly like-for-like. The Q2 disclosure began including executed crypto trades from WonderFi customers in June. That adds one month of a new reporting scope to the quarter.
Notional volume tracks the dollar value of trades, not the revenue Robinhood generates from them. The company reports crypto revenue at the corporate level, leaving Bitstamp’s and the App’s individual contributions unknown.
The venue split shows where trading was recorded. Customer movement between Bitstamp and the App remains outside that picture. The main takeaway for traders tracking crypto market analysis: the retail app held up better than the aggregate number suggests, though both sides slid.
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