(Bloomberg) -- Crypto trading volumes recorded on Robinhood Markets Inc. more than halved in April, outpacing the decline seen on rival exchanges as digital-asset appetite among retail investors cooled.

Crypto notional trading volumes were $10.1 billion last month, Robinhood said in an operating report on Wednesday, down 57% from March’s volumes of $23.6 billion. It was still up 173% from the previous year’s period. 

The stock-trading platform’s daily average revenue trades, a metric used to represent the number of trades per day that generated commission, slipped 43% to around 400,000. That measure was double the amount in April 2023. A Robinhood spokesperson didn’t immediately respond to a request for comment on the figures.

The drop was steeper than recorded on other crypto exchanges. Spot trading volume on so-called centralized exchanges excluding Robinhood, such as Coinbase, Binance and Kraken, tumbled 32.6% to $2 trillion last month, according to data from researcher CCData. It was the first such fall recorded in seven months, with investor demand for cryptoassets marred by Bitcoin’s retreat from a March record high.

Read More: Trading on Crypto Exchanges Fell for First Time in Seven Months

The monthly decline comes after Robinhood posted its second straight quarterly profit on May 8, fueled in part by March’s frenzied rise in crypto trading. Revenue from cryptocurrencies in the first quarter surged 232% to $126 million.

The Menlo Park, California-based company said earlier this month that it had received a so-called Wells Notice from the US Securities and Exchange Commission, indicating the regulator’s intent to challenge the firm over its crypto business. The SEC has previously argued that most cryptocurrencies fall under its purview and that platforms where they trade should be registered with the agency. Robinhood said it believes the assets listed on its platform aren’t securities. 

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