Investment firm Bernstein said in a new report that the current digital asset rally remains in its early innings, reaffirming its bullish stance on the broader crypto market despite a drop in second-quarter trading volumes.
What Happened: “We believe we are still early in the crypto bull cycle,” Bernstein analysts wrote in a Thursday note following Robinhood‘s (NASDAQ:HOOD) Q2 earnings announcement.
The team highlighted the trading platform’s ability to expand crypto-related revenues and product offerings despite flattish price action in Q2.
Robinhood posted a strong second quarter, with revenues up 46% year-over-year and adjusted EBITDA margin climbing to 56% from 51% in the prior quarter.
While total crypto trading volume fell 39% sequentially due to lower market volatility, Bernstein pointed to a resurgence in activity in July.
According to the report, Robinhood saw crypto volumes spike to six-month highs last month, suggesting stronger tailwinds heading into the second half of 2025.
The analysts said the …