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Stock Market Today, Feb. 2: Robinhood Markets Falls on Bitcoin Weakness and Lower Crypto Trading Volumes

Source Motley_fool

Robinhood Markets (NASDAQ:HOOD), provides commission-free trading of stocks, ETFs, options, and cryptocurrencies. The stock closed Monday at $89.91, down 9.62%. The decline followed weakness in Bitcoin (CRYPTO:BTC) and other cryptocurrencies, raising concerns about softer crypto trading volumes and risk appetite among Robinhood’s retail users. Investors are watching how prolonged digital-asset volatility affects transaction-based revenue.
Trading volume reached 59 million shares, coming in about 136% above its three-month average of 25 million shares. Robinhood Markets IPO'd in 2021 and has grown 158% since going public.

How the markets moved today

The S&P 500 (SNPINDEX:^GSPC) added 0.54% to finish Monday at 6,976, while the Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.56% to close at 23,592. Among financial services industry peers, Charles Schwab (NYSE:SCHW) closed at $105.17 (+1.20%) and Interactive Brokers Group (NASDAQ:IBKR) finished at $75.27 (+0.52%), outperforming Robinhood’s sharp decline.

What this means for investors

Robinhood’s decline on Monday comes on the heels of a bad run for cryptocurrencies. Bitcoin fell more than 12% in the past 5 days and is near a 10-month low. After today’s drop, Robinhood’s stock is down 35% from recent highs, indicating how sentiment can impact its share price.

What’s important to remember is that Robinhood makes the majority of its revenue from payment for order flow. Put simply, Robinhood makes money when its customers trade. Declining interest in crypto could indicate a pullback in trading volume, which would explain investors selling Robinhood’s stock.

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Charles Schwab is an advertising partner of Motley Fool Money. Jeff Santoro has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin and Interactive Brokers Group. The Motley Fool recommends Charles Schwab and recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group, short January 2027 $46.25 calls on Interactive Brokers Group, and short March 2026 $100 calls on Charles Schwab. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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