Robinhood has reported today that its crypto trading volume dropped by 43% last month compared with April.
Trading volume in May was 68% lower than in the same month in 2022 – down to $2.1bn from $6.6bn – Robinhood has revealed in their latest statement.
The steep decline happened in spite of trading in equity and options contracts increasing with gains of 27% and 29% from April.
The monthly report states: “Assets Under Custody (AUC) at the end of May were $81.8 billion, up 6% from April 2023. Net deposits were $1.6 billion in May, translating to a 25% annualized growth rate relative to April 2023 AUC.
“Over the last twelve months, net deposits were $16.5 billion, translating to an annual growth rate of 22% relative to May 2022 AUC.
“Trading volumes in May were higher for equities and options and lower for crypto compared to April 2023. Equity notional trading volumes were $49.4 billion (up 27%). Options contracts traded were 97.5 million (up 29%).
“Crypto Notional Trading Volumes were $2.1 billion (down 43%).”
Robinhood delists ADA, MATIC, and SOL
Last Friday, in the wake of the SEC clampdown and its securities charges, Robinhood announced that it would delist Cardano, Polygon and Solana on 27 June.
The company said: “You can continue to buy, sell and hold ADA, MATIC, and SOL until the deadline. You will be able to transfer ADA, MATIC, and SOL until June 27th, 2023.
“After the deadline, any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value and the proceeds will be credited to your Robinhood buying power.”
Robinhood currently offers 15 cryptos on its platform.
