Robinhood Registers 74% MoM Surge in Crypto Trading in November

US-based online brokerage Robinhood Markets, Inc. has released its monthly operating metrics for November 2023, showing that cryptocurrency trading volume continued booking a significant increase.

There were 21 trading days in November, compared to 22 in October.

Cryptocurrency volume came in at $4.0 billion in November, rising 74 percent from $2.3 billion in October 2023​. Compared to the year-ago month, however, the figure fell 30 percent.

The monthly equity trading volume increased from $50.8 billion in October to $52.9 billion, which was up 18 percent on a yearly basis. Options contracts traded decreased slightly month-on-month to 95.3 million.

Net cumulative funded accounts for the month reached 23.3 million, an increase of around 20,000 from the prior month. Assets under custody totaled $94.4 billion, rising 12 percent on a monthly basis and 34 percent year-over-year.

Besides, net deposits stood at $1.4 billion, up from October’s $1.0 billion. Margin loan balances were down to $3.4 billion, while cash sweep balances improved 9 percent to $15.2 billion.

Shortly before, Robinhood has introduced its crypto trading app, Robinhood Crypto, to all eligible customers in the European Union.