Retail didn’t leave Robinhood. It left crypto for event betting
Q3 numbers:
event contracts — $173M, up more than 6x
crypto — $120M, down 55% year over year
crypto trading volume — down 38%, to $50B
Meanwhile, Robinhood’s total revenue grew 12%, to $1.42B. The company is fine. Crypto isn’t
Kalshi also said on X that Google searches for Bitcoin are at a five-year low. That’s their claim, and in my opinion, a very convenient one for them
$BTC
It’s 80028 now. I’m not in a position, so no emotions: the gambling hasn’t gone anywhere, it’s just moved. As long as an event bet gives you a dopamine hit faster than Bitcoin, retail will keep going there
When Robinhood’s next report comes out, I’ll put crypto and event betting side by side again. Follow if you’re interested
#Robinhood #PredictionMarkets
Q3 numbers:
event contracts — $173M, up more than 6x
crypto — $120M, down 55% year over year
crypto trading volume — down 38%, to $50B
Meanwhile, Robinhood’s total revenue grew 12%, to $1.42B. The company is fine. Crypto isn’t
Kalshi also said on X that Google searches for Bitcoin are at a five-year low. That’s their claim, and in my opinion, a very convenient one for them
$BTC
It’s 80028 now. I’m not in a position, so no emotions: the gambling hasn’t gone anywhere, it’s just moved. As long as an event bet gives you a dopamine hit faster than Bitcoin, retail will keep going there
When Robinhood’s next report comes out, I’ll put crypto and event betting side by side again. Follow if you’re interested
#Robinhood #PredictionMarkets
