Gemini Retail Spot Volume Falls to Lowest Since Q3 2023

Gemini’s retail spot volume fell 14% in the third quarter to $600 million, its lowest quarterly mark since Q3 2023, while institutional trading lifted the exchange’s overall spot activity.

Total spot volume reached $4.5 billion, an 18% increase from the second quarter. Institutional volume climbed 26% to $3.9 billion, more than offsetting the retail decline. The quarter’s expansion came from institutional trading as retail activity weakened.

Gemini said greater institutional activity in Zcash (ZEC) and expanded affiliated market-making supported the rise in total spot volume. The company gave no specific explanation for the retail decrease. Exchange revenue rose 7% from the previous quarter to $13.4 million as institutional revenue more than doubled. Retail traders still contributed nearly three-quarters of exchange revenue.

Crypto activity also weakened at other platforms. Coinbase’s consumer spot volume fell 9% from the second quarter to $23.4 billion. Robinhood’s crypto revenue dropped 55% from a year earlier to $120 million, while event-contract revenue rose sixfold to $173 million. Those figures cover different measures: Coinbase’s is consumer trading volume, while Robinhood’s are revenue.

Gemini’s prediction-market business generated $796,000 in third-quarter revenue, up 52% from the second quarter. Average daily prediction traders in October were about 50% above the third-quarter average. Nearly one-third of new prediction traders were new to Gemini, more than twice the third-quarter share.

The proposed deal would route Apex futures-brokerage customers’ crypto event contracts exclusively through Gemini Titan. The arrangement remains subject to definitive agreements. Gemini was scheduled to hold its third-quarter earnings call Friday.