Bitstamp’s $20B Drop Drove Most of Robinhood’s Crypto Decline

Bitstamp accounted for $20 billion, or 77%, of Robinhood’s $26 billion sequential decline in crypto notional value from Q1 to Q2 2026. Bitstamp’s notional fell 48%, from $42 billion in Q1 to $22 billion in Q2, while the Robinhood App’s notional fell 25%, from $24 billion to $18 billion. Companywide crypto notional declined 39%, from $66 billion in Q1 to $40 billion in Q2.

The consolidated notional figure combines activity recorded on Bitstamp with activity recorded on the Robinhood App. The two venues have different customer mixes: Bitstamp reports most trading volume comes from institutional users, while the App records retail activity.

Robinhood’s Q2 disclosure shows the App metric began including executed crypto trades from WonderFi customers in June 2026, adding one month of WonderFi trading to the Q2 App total.

When Robinhood closed its acquisition of Bitstamp in June 2025, the company reported Bitstamp had more than 500,000 funded retail customers and about 5,000 funded institutional customers. The company reported that most of Bitstamp’s trading volume came from institutions.

Notional measures the dollar value of trades executed on a venue; it does not measure revenue. Robinhood reports crypto revenue at the company level, so the notional split does not disclose how much revenue came from Bitstamp versus the App. The venue breakdown shows where trades were recorded, not whether customers shifted between venues.

The large institutional-volume decline at Bitstamp and the inclusion of WonderFi trades in the App metric changed the composition of the consolidated headline notional. The separate venue figures record where trading took place in Q2 2026.