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Robinhood crypto volume jumps to $25b as equities, options and events fade

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Robinhood crypto volume jumps to $25b as equities, options and events fade

Robinhood’s February data show crypto notional volumes up 9% to $25b while equity, options and event contracts shrink, proving speculative energy has rotated back into coins.

Summary

  • Crypto notional trading hit $25.0b in February, up 9% month‑on‑month and 74% year‑on‑year, with $9.4b on the app and $15.6b routed through Bitstamp.
  • Equity notional volume fell to $194.4b, down 14% from January, while options contracts slipped 10% to 180.3m, underscoring cooling risk appetite outside coins.
  • Event contracts plunged 29% versus January, signalling that speculative flow is rotating away from Robinhood’s prediction markets and back into volatile crypto names.

Robinhood’s February numbers are clear: crypto is where the life is, everything else is fading.

Robinhood crypto volume jumps in February

Robinhood reported February crypto notional trading volumes of $25.0 billion, up 9% month‑on‑month and 74% year‑on‑year. Of that, $9.4 billion ran through the Robinhood app itself, with the remaining volume routed via Bitstamp, which Robinhood acquired in 2025 and now uses as its institutional and deep‑liquidity back‑end. This follows January’s $22.9 billion in crypto volume, meaning Robinhood has printed back‑to‑back months of sequential growth in digital‑asset activity to start 2026.

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The crypto growth comes as Bitcoin trades near all‑time highs and volatility returns across majors and meme‑adjacent tokens, pulling in both retail flow on the app and larger tickets via Bitstamp. For Robinhood, that mix is ideal: more notional, fatter spreads and higher engagement in a product line that was supposed to be dead post‑2021 but is now the only one actually inflecting up.

Equities, options and event contracts slump

Everything outside crypto is going the other way. Equity notional trading volume in February came in at $194.4 billion, down 14% from January, even though that still marks a 36% increase versus a year earlier. Options contracts traded fell to 180.3 million, a 10% month‑on‑month decline and only a 9% gain year‑on‑year, with average daily option volume at 9.5 million contracts, down 5% versus January.

The sharpest hit is in Robinhood’s event contracts — its prediction‑market‑style product. February saw just 2.4 billion event contracts traded, a 29% drop from January’s level, giving back a chunk of the growth the firm had touted as part of its post‑meme diversification story. That tells you where speculative energy has rotated: away from binary macro bets and back into leveraged plays on BTC and friends.

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What this rotation really means

From a market‑structure perspective, Robinhood is simply reflecting the broader tape: crypto volatility plus upside trends are attracting flows at the margin, while single‑stock and options trading cools off after a heavy run. For crypto markets, more retail flow through Robinhood and Bitstamp means more noise, more forced buying and selling around headlines, and fatter tails on both sides when the Fed or macro shocks hit.

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Crypto World

‘Window Is Narrowing’ To Pass BTC Tax Exemption

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Senate, Bitcoin Regulation, US Government, United States

The Bitcoin Policy Institute (BPI), an industry advocacy group, is eyeing a target window between March and August 2026 to pass a de minimis tax exemption for Bitcoin through Congress, warning that time to pass meaningful legislation is running out.

BPI said it has engaged with 19 Congressional offices in both the House and Senate over the last three months to pitch US lawmakers on a tax exemption for Bitcoin (BTC) transactions below a certain threshold.

Expanding the de minimis tax exemptions beyond dollar-pegged stablecoins has bipartisan support, but the BPI warned that the “window is narrowing” for Bitcoin tax legislation. The BPI said:

“Congress will be increasingly consumed by midterm dynamics as summer approaches, and the bandwidth for complex tax legislation shrinks with every passing week. Senator Lummis, the issue’s most forceful champion, departs the Senate in January 2027.

If a package does not come together in the next few months, the opportunity may not return for years,” the BPI continued. 

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Senate, Bitcoin Regulation, US Government, United States
The timeline and target window for Bitcoin de minimis tax legislation. Source: Bitcoin Policy Institute

Under current US tax rules, using BTC to pay for goods and services triggers a taxable event and tax reporting to the Internal Revenue Service (IRS), preventing the use of Bitcoin as a medium of exchange.

A de minimis exemption would allow small crypto transactions, typically below a set dollar threshold, to be excluded from capital gains reporting, allowing users to spend Bitcoin without calculating gains or losses on minor purchases.

Related: Bitcoin advocate group to fight Basel’s ‘toxic’ treatment of cryptocurrency

Tax policy has kept Bitcoin as an investment and out of commerce

Wyoming Senator Cynthia Lummis introduced a bill in July 2025 proposing a de minimis tax exemption for cryptocurrency transactions of $300 or less, capped at $5,000 annually.

However, the bill failed to gain traction in the Senate, and a competing bill focused entirely on tax exemptions for stablecoins was introduced to the House of Representatives by Congresspersons Max Miller and Steven Horsford in 2025.

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Senate, Bitcoin Regulation, US Government, United States
A comparison of the Lummis standalone crypto tax bill and the stablecoin de minimis tax bill introduced by Congressmen Max Miller and Steven Horsford. Source: Bitcoin Policy Institute

Bitcoin payments are held back by the digital asset’s current treatment under the US tax code, according to Pierre Rochard, a board member for BTC treasury company Strive. 

“The number one impediment to Bitcoin payments adoption is tax policy, not scaling technology,” Rochard said on X.

Magazine: Big questions: Should you sell your Bitcoin for nickels for a 43% profit?