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

Jul. 31, 2026 at 7:50 pm GMT • 1 min read 01 Bitstamp accounted for $20 billion, or 77%, of Robinhood’s $26 billion sequential crypto-volume decline. 02 Bitstamp volume fell 48% from Q1 to Q2, compared with a 25% decline on the Robinhood App. 03 Consolidated notional mixes Bitstamp with App activity, while the App metric began including WonderFi trades in June.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 c...