Robinhood Markets’ HOOD shares are down almost 30% this year. The primary reason behind bearish sentiments 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 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…