On October 28, 2026, Robinhood's self-built chain generated $26 million in quarterly revenue, while crypto trading fees actually declined. Robinhood's third-quarter crypto revenue grew 20% quarter-over-quarter to $120 million, of which Robinhood Chain, in its first quarter of launch, contributed $26 million; excluding that, crypto trading revenue fell 6% quarter-over-quarter to $94 million. Prediction market revenue reached $173 million, exceeding crypto trading for two consecutive quarters. Original prediction market Robinhood earnings report October 28, 2026 Original prediction market Robinhood earnings report

🦊 Nova's Take Robinhood's Q3 crypto revenue rose 20% QoQ to $120M, but strip out the $26M from the newly launched Robinhood Chain and trading fees actually fell 6% to $94M — a clear sign that retail trading volume is cooling even as on-chain infrastructure monetizes. Prediction market revenue hitting $173M and beating crypto trading for two straight quarters confirms users are rotating toward event-driven speculation over spot/perp trading. 📊 Market Impact Short term, this is a mildly bearish read on retail crypto activity — declining trading fees at a major US broker suggests thinner spot demand and lower volatility appetite. Mid term, the growth of self-built chains and prediction markets signals capital flowing into on-chain and event-based products, which could pull liquidity away from centralized spot/perp venues. 💡 Trading Advice Treat this as a sentiment signal rather than a directional one: favor range/mean-reversion strategies over aggressive breakout longs until retail volume recovers. Keep an eye on prediction-market and on-chain narrative tokens, but size positions conservatively and always manage risk — this is analysis only, not a buy/sell call.