Why a $20 billion Bitstamp slump makes Robinhood’s retail app look far weaker than it really is

Bitstamp accounted for $20 billion, or 77%, of the $26 billion decline in Robinhood's reported crypto notional volume from the first to the second quarter of 2026.

Volume attributed to Bitstamp fell 48%, from $42 billion in the first quarter to $22 billion in the second quarter. The Robinhood App declined 25%, from $24 billion to $18 billion, accounting for the remaining $6 billion of the sequential drop.

Robinhood’s crypto notional shrank 39%, from $66 billion to $40 billion, and Bitstamp supplied more than three-quarters of the drop. The headline total now folds two different customer mixes into one number, muddying the view of activity inside Robinhood’s retail app.

When Robinhood closed the Bitstamp acquisition in June 2025, it said Bitstamp had more than 500,000 funded retail customers and about 5,000 funded institutional customers, with most of its volume coming from institutions. Bitstamp's trajectory is therefore not a direct measure of Robinhood App engagement.

There is a second comparability break inside the App series. Robinhood's Q2 disclosure says the metric began including executed crypto trades from WonderFi customers in June.

That adds one month of a new reporting perimeter to Q2, so the App's 25% sequential decline is not a perfectly like-for-like measure either.

Notional works like a traffic counter, tracking the dollar value of trades rather than the money Robinhood makes from them. Crypto revenue is reported at the company level, leaving Bitstamp’s and the App’s individual contributions unknown.

The venue split offers a snapshot of where trading was recorded. Customer movement between Bitstamp and the App remains outside that picture.

For the companywide results, see CryptoSlate's broader earnings coverage.