Crypto News– During Robinhood’s recent earnings call, a notable trend emerged among its users. Despite the introduction of various Bitcoin ETFs, a staggering 95% of the platform’s crypto trading volume remains concentrated in spot Bitcoin trading.
Spot Bitcoin Trading Prevails on Robinhood: ETFs Left Behind in 95% of Transactions
This strong preference indicates a continued favoritism towards traditional cryptocurrency trading methods over newer investment vehicles such as ETFs. Robinhood’s Chief Financial Officer, Jason Warnick, emphasized this trend during the call, stating:
“About 5% of our overall trading in crypto is through the ETF, with 95% still being on spot trading through the crypto business, and that’s stabilized.”
Warnick’s observation underscores a clear customer preference, showcasing the resilience of spot trading despite the emergence of alternative options. Earlier last month, the investment platform took a significant step by adding all 11 SEC-approved spot Bitcoin ETFs to its offerings. This move was part of Robinhood’s broader strategy to offer users a diverse range of investment choices.
Even before the approval of Bitcoin ETFs, Robinhood witnessed a rise in crypto assets under custody in the final quarter of 2023. At $15 billion, this marked the platform’s highest crypto AUM since Q1 2022.
Steve Quirk, Chief Brokerage Officer at Robinhood, expressed the company’s mission, saying.
Leave a comment