Robinhood Markets’ HOOD shares are down almost 30% this year. The primary reason behind bearish sentiment is the sell-offs in cryptos, especially Bitcoin. From approximately $88,000 at the start of the year, Bitcoin has slipped to nearly $68,000 because of a risk-off macro backdrop (stronger dollar and weaker equities) and tariff policy uncertainty. This sell-off in cryptos has pulled HOOD’s shares down, as a big slice of its transaction revenues comes from crypto trading.
When prices slide, customers trade less, spreads shrink and crypto revenues fall. In January 2026, the company reported a 44% year-over-year plunge in crypto Daily Average Revenue Trades (DARTs) to 0.5 million. Even in the fourth quarter of 2025, it recorded a 38% drop in crypto revenues, thereby putting pressure on the stock despite strength in options, equities and interest income. HOOD currently supports several major cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Litecoin, Solana and Toncoin.
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