In February, Robinhood’s trading volumes for cryptocurrencies increased by 272% compared to January, reaching a level only reached in one other month since mid-113. The $211 billion worth of crypto volumes on the platform last month was similar to the volumes seen in December. The last time Robinhood reached that milestone was in May 230 when it recorded $245 billion in crypto trades. In September of last year, Robinhood’s crypto trading volumes dropped to $1.2 billion. During the third quarter, the company saw a 55% decrease in transaction-based revenues from cryptocurrencies, dropping to $23 million. However, Robinhood announced last month that revenue from transactions involving cryptocurrency increased to $43 million in the fourth quarter. The increase in that particular area led to a 303% rise in the company’s revenue from transactions to $200 million compared to the previous year. This surge in cryptocurrency trading volumes followed the introduction of US spot bitcoin ETFs in January. According to Robinhood’s Chief Financial Officer Jason Warnick during the company’s February earnings call, the trading of those funds accounted for approximately 5% of Robinhood’s total cryptocurrency trading volumes, while spot trading still dominated with 95% of the volumes. The 10-fund bitcoin ETF sector has seen net inflows surpassing $11 billion. On March 5, they had a combined trading volume of almost $10 billion, setting a new record. Warnick believes that the introduction of these new products not only boosts market interest in cryptocurrency but also provides more liquidity. Overall, we are very satisfied with the bitcoin ETFs.