- Cryptocurrency trading volumes on Robinhood surged 75% last month, a regulatory filing showed.
- It's a change from the third quarter, when cryptocurrency trading revenue fell 55% on the platform.
- On Tuesday, bitcoin briefly surpassed $44,000, the highest level since April 2022.
Cryptocurrency trading volumes soared last month on Robinhood, according to a regulatory document by the investment platform.
Notional cryptocurrency trading volumes increased about 75% in November from October levels, the company said on Monday. Meanwhile, trading in stock and options contracts remained largely unchanged.
This came as the price of bitcoin rose almost 30% in October alone. Since then, it has risen further, and on Tuesday, bitcoin briefly surpassed $44,000, the highest level since April 2022. So far this year, it is up more than 160%.
"I think we're starting to see retail investors waking up to certain segments of the rally. I think crypto activity is seeing a bit of a surge," said Robinhood CEO Vlad Tenev. Yahoo Finance, Adding that interest in cryptocurrencies has also benefited from the regulatory crackdown on players like Binance.
The increase in cryptocurrency volumes is a radical change from recent months, after Robinhood reported a 55% decline in cryptocurrency income Last room.
The sudden user interest in cryptocurrency investing comes at a time of renewed attention on the apex token, amid expectations that bitcoin spot ETFs could soon gain SEC approval.
Bullish analysts have predicted that spot ETFs could bring fresh capital to the crypto space, opening the doors to retail and traditional investors. Others have said that a lower supply of bitcoins in the coming years could drive the price up to $150,000.
The enthusiasm has spread to other cryptocurrencies as well. For example, private grayscale funds that track cryptocurrencies like solana, livepeer and chainlink The tokens are trading at considerable premiums, the Financial Times reported.
Despite Robinhood's stagnant stock trading activity, stock markets also saw notable improvement through November. He S&P 500 rebounded about 9% as investors piled back into risk assets, amid bets that the Federal Reserve is done raising interest rates.
