Robinhood’s crypto business just posted its strongest month in over a year — and it did so while staring down growing competition from Wall Street heavyweights and fast-rising DeFi platforms.
In July 2025, the trading app’s crypto notional volume hit $16.8 billion, up 217% year-over-year and 110% from June, according to company data. The spike comes alongside broader growth in customers and assets, suggesting retail traders aren’t backing away from digital assets despite market volatility.
By month’s end, funded accounts climbed to 26.7 million, an increase of 2.5 million from a year ago. Total platform assets surged 106% YoY to $298 billion, while net deposits reached $6.4 billion — a 28% annualized growth rate.
Robinhood’s equity trading volumes doubled to $209.1 billion, and options contracts rose 22% to 195.8 million. Margin balances jumped 111% to $11.4 billion, and securities lending revenue almost tripled to $61 million.
The momentum comes just two weeks after both Robinhood and Kraken reported strong year-over-year revenue gains for Q2 2025, even amid a seasonal slowdown in crypto activity. Robinhood’s crypto revenue nearly doubled to $160 million compared with Q2 2024, though it fell 37% from the previous quarter.
Headwinds From Banks and DeFi
Robinhood’s growth hasn’t gone unchallenged. U.S. banking giants — including JPMorgan — have been accused by industry figures of using fee structures to make moving funds into crypto platforms more expensive. Critics liken the moves to a modern “Operation Choke Point,” aimed at squeezing fintech and crypto competitors.
At the same time, decentralized platforms are emerging as serious rivals. Hyperliquid, a DeFi perpetuals exchange launched less than two years ago, processed $231 billion in July trading volume — more than 13 times Robinhood’s crypto activity. Its “Liquidity-as-a-Service” model and on-chain efficiency have made it a leader in the DeFi derivatives space.
What’s Next for Robinhood
Analysts say Robinhood’s ability to maintain this pace will depend on how it navigates evolving regulations, counters banking-sector pushback, and innovates to match the scale of high-volume decentralized rivals.
For now, July’s numbers tell a clear story: U.S. retail appetite for crypto is far from fading, even in a crowded and increasingly competitive market.
