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Robinhood Stock Falls on 48% Crypto Volume Drop, Goldman Target Cut, Bitcoin Slide

Dylan Berman 23 hours ago

Trading IdeasMoversNewsCryptocurrency

Robinhood Markets shares are trading lower Friday after its October operating data showed a sharp pullback in crypto trading activity.

Robinhood Markets Inc. (NASDAQ:HOOD) shares are trading lower Friday after the company’s October operating data showed a sharp pullback in crypto trading activity. A Goldman Sachs price target cut, a crypto selloff and a broad market decline are adding to the pressure. Here’s what you should know.

Crypto Volumes Cut Nearly in Half From a Year Ago

Robinhood’s crypto notional trading volumes came in at $17 billion in October. That was down 21% from September and 48% from a year earlier.

The decline hit both of Robinhood’s crypto venues. Volumes on the Robinhood app fell 24% month over month to $6.8 billion and were down 51% from October 2025. Bitstamp volumes slid 18% from September to $10.2 billion, a 45% year-over-year drop.

Daily activity weakened as well. Average daily crypto volumes on the Robinhood app dropped 26% from September to $219 million, while Bitstamp’s average daily volumes fell 21% to $328 million.

Platform Assets Slip Despite $15.1 Billion in Net Deposits

Total platform assets ended October at $383 billion, down 3% from September but up 12% year over year. Net deposits totaled $15.1 billion for the month, which works out to a 46% annualized growth rate based on September platform assets. Over the trailing 12 months, net deposits reached $80.5 billion.

Funded customers rose by about 130,000 from September to 28.9 million, an increase of roughly 1.8 million from a year earlier.

Cash and deposit balances fell 20% from September to $16.4 billion. Robinhood attributed most of that drop to heavy net buying by customers and said the decline had largely reversed in early November. Cash sweep balances dipped 5% month over month to $30.8 billion.

Event Contracts, Margin Balances Keep Climbing

Outside crypto, Robinhood’s trading picture was mixed:

  • Event contracts: Contracts traded rose 5% from September to 5.9 billion, up 136% year over year.
  • Equities: Equity notional volumes edged up 1% month over month to $325 billion, though average daily volumes slipped 4%.
  • Options: Options contracts traded were flat with September at 289 million and up 8% from a year ago.

Margin balances climbed 4% from September to $22.9 billion, a 39% year-over-year increase. Total securities lending revenue rose 6% month over month to $34 million but was down 43% from October 2025.

Goldman Cut, Crypto Slide Add to Pressure

Goldman Sachs analyst James Yaro maintained a Buy rating on Robinhood but trimmed his price target to $115 from $128.

Crypto prices are also falling. According to CoinDesk, the crypto selloff picked up early Friday, with Bitcoin slipping below $70,000 and ether falling under $2,000, which set off heavy liquidations in the futures market.

The broader market is under pressure as well. The Nasdaq was down 1.72%, and the S&P 500 was off 1.10% in morning trading as wholesale inflation rose.

Robinhood Shares Under Pressure

HOOD Price Action: Robinhood shares are down 4.22% at $77.92 at the time of publication on Friday, according to Benzinga Pro.

Image via Shutterstock

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