Robinhood saw crypto trading volumes plummet 43% in May

Robinhood reported Monday that crypto trading volume dropped 43% in May compared to April.

May's trading volume was 68% lower than in the same month last year, Robinhood said in a statement. It was down to $2.1 billion from $6.6 billion.

The declining crypto volume came even though trading in both equity and options contracts increased from April, with gains of 27% and 29%, respectively. 

The platform reported 10.6 million monthly active users. That's down from 11.5 million in April and 14.6 million in May 2022.

Total assets under custody rose to $81.8 billion from $77.4 billion in April and $73.9 billion in the same month a year ago.