Bitstamp accounts for 77% of Robinhood's $26 billion crypto volume decline

Bitstamp contributed 20 billion dollars, or 77%, to the 26 billion dollar drop in Robinhood's reported crypto notional volume from Q1 to Q2 2026. Bitstamp's volume fell 48%, from 42 billion dollars in Q1 to 22 billion dollars in Q2. Meanwhile, Robinhood's App volume declined 25%, from 24 billion dollars to 18 billion dollars, making up the remaining 6 billion dollars of the decrease. Overall, Robinhood's crypto notional shrank 39%, from 66 billion dollars to 40 billion dollars, with Bitstamp accounting for over three-quarters of this decline. The total figure combines different customer mixes, complicating the assessment of activity within Robinhood's retail app. Following the acquisition of Bitstamp in June 2025, Robinhood reported over 500,000 funded retail customers and around 5,000 funded institutional customers, with the majority of volume coming from institutions. Therefore, Bitstamp's performance does not directly reflect engagement on the Robinhood App. Additionally, Robinhood's Q2 report indicates that executed crypto trades from WonderFi customers were included starting in June, affecting the comparability of the App's sequential decline. Notional volume measures the dollar value of trades rather than Robinhood's revenue from them, leaving individual contributions from Bitstamp and the App unclear. The venue split provides insight into recorded trading activity, while customer movement between Bitstamp and the App is not captured.