Crypto's retail volume is down roughly half from a year ago. Does that mean the users left?
Not in the data. Kraken's parent Payward (Q3 shareholder letter, Nov 13) reported funded accounts up 37% year over year to 7.1M, even as platform trading volume fell 30% to $353B. Robinhood (October operating data) added about 130K funded customers in the month while its crypto volume dropped 48% year over year to $17.0B.
My read: people are still arriving, they're just trading less per head at $BTC near $68K. Payward's earnings tell the same story: adjusted EBITDA $60M, down 66-67% on the year but up from $23M in Q2, with asset- and access-based income now 52% of the mix.
The catch: funded means a balance above zero, not an active trader. Volume is the number that pays exchanges today.
What would bring volume back first: a price recovery, or new products like stock perps and prediction markets?
#CryptoMarkets #Bitcoin
Disclosure: Write to Earn may pay me a commission on cashtag trades.
Not in the data. Kraken's parent Payward (Q3 shareholder letter, Nov 13) reported funded accounts up 37% year over year to 7.1M, even as platform trading volume fell 30% to $353B. Robinhood (October operating data) added about 130K funded customers in the month while its crypto volume dropped 48% year over year to $17.0B.
My read: people are still arriving, they're just trading less per head at $BTC near $68K. Payward's earnings tell the same story: adjusted EBITDA $60M, down 66-67% on the year but up from $23M in Q2, with asset- and access-based income now 52% of the mix.
The catch: funded means a balance above zero, not an active trader. Volume is the number that pays exchanges today.
What would bring volume back first: a price recovery, or new products like stock perps and prediction markets?
#CryptoMarkets #Bitcoin
Disclosure: Write to Earn may pay me a commission on cashtag trades.