Robinhood reported its best quarter ever, as crypto markets rebounded following a slightly hawkish FOMC meeting. Bitcoin ETFs have flipped to inflows, signaling renewed investor interest. Meanwhile, MoonPay launched a new AI product and an airdrop.
Robinhood's record quarter
The trading platform posted its strongest quarterly results, driven by increased crypto trading volumes and user growth. Robinhood didn't break out crypto-specific revenue, but the company said overall transaction-based revenue surged. The timing isn't great for critics who've questioned crypto's staying power — retail traders are clearly still active.
Markets shake off hawkish Fed
The Federal Reserve's July meeting was slightly hawkish, with Chair Powell signaling rates could stay higher for longer. But crypto markets rebounded anyway. Bitcoin climbed back above $70,000, and ether followed. The move suggests traders had already priced in the hawkish tone.
Bitcoin ETFs see inflows
After weeks of outflows, spot Bitcoin ETFs flipped back to net inflows this week. The shift came as institutional buyers stepped in. BlackRock's IBIT led the pack, pulling in over $200 million on Wednesday alone. That's a sharp reversal from the previous week's redemptions.
MoonPay goes AI
MoonPay launched a new AI product and an airdrop on Thursday. The AI tool helps users analyze on-chain data and predict market moves. The airdrop will distribute tokens to users who test the product. MoonPay didn't disclose the token's ticker or total supply, but the move is a bid to boost engagement.
MoonPay's airdrop is expected to distribute tokens to users who engage with the new AI product. The company hasn't set a date for the token claim, but it's likely within the next few weeks.
