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Just caught the market reaction to Robinhood's Q1 numbers and it's pretty brutal. HOOD tanked 14% on the crypto news - their crypto revenue literally crashed 47% year-over-year. That's not a small miss. Total revenue came in at $1.07B when analysts were looking for $1.14B, so basically everything disappointed.
What's interesting is this isn't just a Robinhood thing. I'm watching other trading platforms get hit too - Coinbase down 8%, Webull down similar. Even the mining stocks are bleeding, RIOT and MARA both down 6-7%. Bitcoin's sitting under $76K which isn't helping anyone's mood.
The bigger question everyone's asking: is retail crypto appetite just drying up across the board, or are traders shifting around? Hard to say yet. Meanwhile, oil jumped 6% on Trump rejecting Iran's proposal, so macro is adding pressure too.
Stock's now at $72 versus $82 yesterday. Bernstein still has an Outperform rating with a $130 target, but clearly there's some real concern about crypto revenue weakness here. This crypto news cycle is definitely one to watch closely over the next few weeks.