--- title: "Robinhood Crypto Trading Volumes Surge In July, But: 'Still Early In The Bull Cycle,' Bernstein Says" description: "Investment firm Bernstein reports that the current digital asset rally is in its early stages, maintaining a bullish outlook on the crypto market despite a drop in Q2 trading volumes. Robinhood's Q2 r" type: "news" locale: "en" url: "https://longbridge.com/en/news/251041596.md" published_at: "2025-07-31T16:12:25.000Z" --- # Robinhood Crypto Trading Volumes Surge In July, But: 'Still Early In The Bull Cycle,' Bernstein Says > Investment firm Bernstein reports that the current digital asset rally is in its early stages, maintaining a bullish outlook on the crypto market despite a drop in Q2 trading volumes. Robinhood's Q2 revenues rose 46% year-over-year, with crypto trading volumes spiking to six-month highs in July. Bernstein highlights Robinhood's expanding crypto offerings and improved pricing power, reiterating an "Outperform" rating with a $105 price target. The firm anticipates continued growth in crypto trading volumes and earnings per share estimates of $2.15 for Robinhood. Investment firm **Bernstein** said in a new report that the current digital asset rally remains in its early innings, reaffirming its bullish stance on the broader crypto market despite a drop in second-quarter trading volumes. **What Happened:** "We believe we are still early in the crypto bull cycle," Bernstein analysts wrote in a Thursday note following **Robinhood**‘s HOOD Q2 earnings announcement. The team highlighted the trading platform's ability to expand crypto-related revenues and product offerings despite flattish price action in Q2. Robinhood posted a strong second quarter, with revenues up 46% year-over-year and adjusted EBITDA margin climbing to 56% from 51% in the prior quarter. While total crypto trading volume fell 39% sequentially due to lower market volatility, Bernstein pointed to a resurgence in activity in July. According to the report, Robinhood saw crypto volumes spike to six-month highs last month, suggesting stronger tailwinds heading into the second half of 2025. The analysts said the recent price momentum in assets like **Ethereum** ETH/USD, **Solana** SOL/USD, and DeFi tokens coincided with renewed investor interest sparked by the upcoming **Circle** CRCL IPO and the growing narrative around stablecoins and tokenization. This, they argued, has driven fresh capital flows back into blockchain-based assets. **Also Read: Ethereum ETFs, Treasury Companies Now Hold Over $32B In ETH: Here’s What’s Driving The Frenzy** **Why It Matters:** Bernstein also noted that Robinhood has continued to expand its crypto product offering despite the broader market's consolidation. The firm cited several initiatives including the integration of **Bitstamp**, launch of a tokenized stock product in the EU, new staking features in the U.S., and additional token listings. Disclosure: 82% of retail CFD accounts lose money Importantly, the report observed that Robinhood's crypto take rate rose to approximately 57 basis points, reflecting improved pricing power. That figure is up nearly 20 basis points from the year prior. According to Bernstein, the company's gains in take rate, coupled with operating leverage and expanding product breadth, position it well as broader market activity picks up. On the broader business front, Robinhood's assets under management rose 99% year-over-year to $279 billion, buoyed by rising market valuations and a steady stream of customer deposits. Net deposits reached $13 billion for the quarter, reflecting 25% annualized growth. Its "Gold" subscription product now boasts 3.5 million subscribers, up 76% year-over-year, while its Gold credit card surpassed 300,000 cards issued. Bernstein reiterated its "Outperform" rating on Robinhood, maintaining a $105 price target. Notably, the stock closed at $106.10 on July 30, up 420% over the past 12 months. The firm sees continued upside in the second half of 2025, fueled by stronger crypto trading volumes and management's ability to execute. "HOOD stock price has run up driven by increased investor appetite for Crypto exposure helped by a strong bull cycle," Bernstein wrote, adding that the company is delivering earnings in line with projections and that "we see HOOD continuing to deliver EPS closer to our estimates of $2.15." - **97% Of Bitcoin Wallets Are Now In Profit — What Does It Mean For Your Portfolio?** *Image: Shutterstock* ### Related Stocks - [HOOD.US - Robinhood](https://longbridge.com/en/quote/HOOD.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 2025 年，金融科技融資交易數量減少，但規模更大 | 在 2025 年，金融科技風險投資市場經歷了較少但規模更大的交易，共籌集了 428 億美元，涉及 2,126 筆交易。值得注意的是，這一總額的 40% 來自第四季度，主要參與者如 Revolut 做出了重要貢獻。分析師指出，資金輪次向更大規 | [Link](https://longbridge.com/en/news/276172797.md) | | Robinhood｜10-K：2025 財年營收 44.73 億美元不及預期 | | [Link](https://longbridge.com/en/news/276270786.md) | | “硬件防禦” 對沖 AI 焦慮，蘋果與納指相關性創 20 年新低 | AI 浪潮下，蘋果因未深度捲入軍備競賽，與納指相關性創 20 年新低，成為科技股動盪中的 “避風港”。在 AI 投資回報存疑及軟件業面臨顛覆的焦慮中，蘋果憑藉不易受衝擊的硬件生態逆勢突圍。儘管存在估值偏高及增長放緩壓力，其獨特的 “AI 中 | [Link](https://longbridge.com/en/news/276301841.md) | | 為 AI 交易 “背書”！OpenAI 正敲定新一輪融資：以 8300 億美元估值募資高達 1000 億美元 | OpenAI 正以 8300 億美元估值推進新一輪融資，目標籌集 1000 億美元。軟銀擬領投 300 億美元，亞馬遜和英偉達可能各投 500 億及 300 億美元，微軟擬投數十億美元。本輪融資是 OpenAI 自去年秋季公司制改革以來的首 | [Link](https://longbridge.com/en/news/276298180.md) | | 缺電、缺水、缺人還搶地！美國數據中心建設狂潮面臨阻力 | 科技巨頭掀起的數據中心基建狂潮正遭遇嚴峻 “現實牆”：從電網容量、水資源瓶頸到技術工人短缺，執行風險急劇上升。亞馬遜等巨頭以驚人高價搶地，直接擠壓住宅開發，甚至斥資 7 億美元購入原定建房的地塊。這場資源競賽不僅推高了運營成本，更可能拖累 | [Link](https://longbridge.com/en/news/276290793.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.