Robinhood August Crypto Volume Up 61% MoM, Down 38% YoY

The monthly rebound is real but shallow: a 61% sequential gain still leaves Robinhood's crypto activity well below last year's baseline, and the split between Bitstamp and the core app is the more telling detail. App volume falling 46% year over year suggests the retail trading base that drove past cycles has not returned, while institutional flow through an acquired venue is doing more of the work. Whether that mix holds as Bitstamp integration deepens is the open question.