Earnings report 📈 Stocks 🌍 United States

Gemini Retail Trading Volume Hits $600 Million, Lowest Since Q3 2023

Gemini's retail trading volume sank to a three-year low of $600 million in Q3, even as institutional growth pushed total spot volume up 18% to $4.5 billion.

📅 November 13, 2026 🕐 1 min read

4 assets impacted (Stocks, Crypto). Net bias: 0 Bullish, 2 Bearish, 2 Neutral. Strongest signal: GEMI ↓ 4/10 (55% confidence).

📊 Affected Assets (4)

GEMI

Bearish 🤖 55%

📅 Short-term 🌍 US · Explicit

Retail trading volume fell 14% to $600 million, the lowest since Q3 2023, and the company gave no reason for the decline. Offsetting positives are 18% higher spot volume, exchange revenue up 7% to $13.4 million and October prediction-market traders running about 50% above the Q3 average, so the net direction depends on which factor investors weight.

Catalysts

▼ Q3 earnings call on Friday
▼ Retail volume at 3-year low of $600 million

Risk Factors

▲ Exchange revenue rose 7% to $13.4 million with institutional revenue more than doubling
▲ Nonbinding August agreement with Apex Fintech Solutions could broaden distribution of Gemini event contracts

COIN

Bearish 🤖 50%

📅 Short-term 🌍 US ✨ Inferred

Consumer spot trading volume fell 9% from the previous quarter to $23.4 billion, confirming sector-wide soft retail crypto activity. CFO Alesia Haas noted growth in prediction markets helped offset the weaker trading, limiting the negative read-through.

Catalysts

▼ Consumer spot trading volume down 9% QoQ to $23.4 billion

Risk Factors

▲ Prediction markets growth partially offset softer crypto trading activity

HOOD

Neutral 🤖 50%

📅 Short-term 🌍 US ✨ Inferred

Crypto revenue fell 55% year-on-year to $120 million, but event-contract revenue rose sixfold to $173 million, more than covering the decline. The mix shift away from crypto trading is negative for the crypto business but broadly neutral for the stock.

Catalysts

• Crypto revenue down 55% year-on-year to $120 million
• Event-contract revenue up sixfold to $173 million

Risk Factors

• Event-contract growth offset the crypto decline

BTC

Neutral 🤖 40%

📅 Short-term 🌍 GLOBAL ✨ Inferred

Several crypto exchanges including Gemini, Coinbase and Robinhood reported softer retail crypto trading activity in the quarter, suggesting weaker retail engagement in the crypto market. The article offers no direct price drivers for Bitcoin itself, and overall crypto trading volume actually rose.

Risk Factors

• Total spot trading volume rose 18% QoQ on increased institutional activity

🧭 Full analysis of these assets

🎯 Key Takeaways

Gemini retail trading volume fell 14% to $600 million, the lowest level since Q3 2023.
Total spot trading volume at Gemini rose 18% to $4.5 billion, driven by a 26% increase in institutional volume to $3.9 billion.
Gemini exchange revenue grew 7% to $13.4 million, supported by institutional revenue more than doubling.
Coinbase consumer spot trading volume fell 9% to $23.4 billion, while Robinhood crypto revenue dropped 55% year-on-year to $120 million.
Average daily traders on Gemini Predictions in October are running approximately 50% above the Q3 average.

📝 Executive Summary

Gemini reported a 14% decline in retail trading volume to $600 million for the third quarter, marking a three-year low. While institutional activity drove an 18% rise in total spot volume to $4.5 billion, the exchange faces broader industry headwinds as Coinbase and Robinhood also report cooling retail crypto engagement.

❓ FAQ

GEMI · Why is Gemini's retail business worrying?

Retail trading volume fell 14% to $600 million, its lowest level since the third quarter of 2023, even though total spot volume rose 18% to $4.5 billion.

GEMI · Did Gemini still make money from trading?

Yes, exchange revenue increased 7% from the previous quarter to $13.4 million, helped by institutional revenue more than doubling.

COIN · How did Coinbase's trading activity compare with Gemini's?

Coinbase also reported softer activity, with consumer spot trading volume falling 9% to $23.4 billion, though prediction-market growth helped offset it.

HOOD · How much did Robinhood's crypto revenue fall?

It fell 55% year-on-year to $120 million, but event-contract revenue rose sixfold to $173 million.

📰 Related Articles

🏷️ Tags

📰 Source

🔗 View Original Article