February data from Robinhood shows that notional crypto volumes increased 9% to $25 billion, while stocks, options and events contracts declined, proving that speculative energy has returned to coins.
Summary
- Notional crypto trading reached $25.0 billion in February, up 9% month-over-month and 74% year-over-year, with $9.4 billion on the app and $15.6 billion funneled through Bitstamp.
- Notional volume in stocks fell to $194.4 billion, down 14% from January, while options contracts fell 10% to $180.3 million, highlighting a cooling in risk appetite outside of coins.
- Event contracts plunged 29% from January, signaling that speculative flow is moving away from Robinhood prediction markets and back toward volatile crypto names.
Robinhood’s numbers for February are clear: crypto is where life is, everything else is fading.
Robinhood crypto volume jumps in February
Robinhood reported notional crypto trading volumes of $25.0 billion in February, up 9% month-over-month and 74% year-over-year. Of that amount, $9.4 billion flowed through the Robinhood app itself, with the remaining volume routed through Bitstamp, which Robinhood acquired in 2025 and now uses as its institutional and large liquidity backend. This follows January’s $22.9 billion in crypto volume, meaning Robinhood has printed consecutive months of sequential growth in digital asset activity to begin 2026.
The crypto growth comes as Bitcoin trades near all-time highs and volatility returns to major and meme-adjacent tokens, attracting both retail flow on the app and larger tickets through Bitstamp. For Robinhood, this mix is ideal: more notionals, wider spreads, and higher engagement in a product line that was supposed to be dead after 2021, but is now the only one really improving.
Stocks, options and event-driven contracts fall
Everything outside of crypto is going the other way. Notional stock trading volume in February was $194.4 billion, down 14% from January, although that still represents a 36% increase from a year earlier. Options contracts traded fell to 180.3 million, a 10% month-over-month decline and a gain of just 9% year-over-year, with an average daily options volume of 9.5 million contracts, down 5% from January.
The biggest hit has been Robinhood’s event contracts, its prediction market-style product. In February, just 2.4 billion event contracts were traded, down 29% from January’s level, returning some of the growth the company had touted as part of its post-meme diversification story. This tells you where the speculative energy has turned: away from binary macro bets and back to leveraged plays on BTC and friends.
What this rotation actually means
From a market structure perspective, Robinhood simply reflects a broader picture: cryptocurrency volatility and upward trends are drawing flows to the margins, while trading in individual stocks and options is cooling off after a sharp rally. For crypto markets, more retail flows through Robinhood and Bitstamp means more noise, more forced buying and selling around the headlines, and bigger tails on both sides when the Fed or macroeconomic shocks arise.
