Where Next for Robinhood Chain?

Chart of the Day — BTC whales send a signal
Trade of the Day — MSFT meets long-range resistance
Alpha Leaks — Google moves into crypto security
News Roundup — Robinhood next move, Ripple stablecoin wins, Galaxy in profit

BTC Whales vs Retail

With BTC, it’s common to see divergence between the behavior of whales and retail, but as illustrated in this CryptoQuant chart from Darkfost, that variance has widened recently, and if you’re bullish on BTC, there are some cautious positives to be taken.

In short, retail traders–who tend to have shorter-term outlooks–are sending more coins to Binance as the BTC price has risen, while whales–who tend to be more patient with longer-term views–are doing the opposite and sending fewer coins to the exchange.

This suggests that retail are cashing out early, while whales are holding their positions and don’t view current price levels as ideal for distribution.

MSFT Hitting Resistance - Sponsored by Kalshi

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MSFT got an overnight boost after beating earnings, meaning that it’s trading at around $546 in pre-market, after closing at $531.

However, that means it’s bumping up against resistance at around $550, a level that marks the top of an enormous sideways channel going all the way back to April 2025. That makes this a viable position for a short, so go Premium now to get the exact details on this trade, with recommended Stop Loss and Take Profit targets.

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Robinhood Earnings: Ramping Up Onchain

Robinhood’s Q3 numbers look muted on first glance, with crypto revenue coming in at $120 million, down 55% from last year, but dig deeper and it’s a better story. That figure still beat estimates, and was up 20% sequentially thanks in part to Robinhood Chain, which contributed $26 million in its first full quarter.

As for the rest of the platform, options revenue jumped 31% YoY to $399 million, equities rose 41% to $121 million, and assets under custody hit $396 billion, up 19%. Meanwhile, Robinhood Gold subscribers reached 5.2 million, up 34%, and customers parked another $15.7 billion in net deposits during the quarter.

And CEO Vlad Tenev clarified that the team is leaning hard into Robinhood Chain, stating in the earnings call:

“We’re spending a lot of time on how to make Robinhood Chain even bigger, how to support the community, we know we’ve been hearing from a lot of builders that we could be doing more to support the community, and I think you should expect us to really ramp that up.”

This comes while Robinhood Chain numbers remain constructive for a network that only launched around four months ago, with $1.65B in TVL, and daily DEX volumes around $620M.

Ripple Secures Key RLUSD Wins

The OCC in the US has given approval for Ripple to launch Ripple National Trust Bank. This will manage RLUSD stablecoin reserves and offer digital asset custody to businesses, while issuance of the stablecoin itself will stay with Ripple’s New York-regulated arm, Standard Custody & Trust Company.

Also, Moody’s has handed RLUSD investment-grade ratings–A2, long-term and P-1, short-term–pointing to the high quality of its reserves, which sit mainly in short-term US government assets and cash. RLUSD now has a market cap of around $2.6B.

At the same time, Bank of New York Mellon (BNY) is deepening its involvement with Ripple. BNY already holds the reserves backing RLUSD, and has announced that it will now offer institutional custody for both XRP and RLUSD. BNY also wants to let clients mint and redeem RLUSD directly through its platform, although that needs regulatory sign-off.

Galaxy in the Black and Expanding

Galaxy Digital is back in the black, as the firm posted $323M in net income for Q3, a sharp turnaround from the $85M loss in the previous quarter. Also, the board has also signed off on a fresh $200M share buyback, right after finishing the prior $200M programme in mid-October.

A big chunk of the rebound came from Galaxy’s own investments, with the Treasury & Corporate division generating $419M in adjusted gross profit, helped by higher valuations across its crypto holdings and private investments.

Trading volumes in the crypto business rose 12% from the previous quarter, though the digital-assets side alone still isn’t profitable yet, posting a $9 million adjusted EBITDA loss.

Additionally, the firm’s AI data centre is paying off, as that business delivered $79M in adjusted gross profit (up from $20M last quarter), reflecting the first full quarter of capacity from CoreWeave at Galaxy’s Helios facility in Texas, with Helios Phase 2 due to come online in the second quarter of 2027.

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