Robinhood's revenue slump exposes crypto's core weakness

Robinhood's latest earnings report exposes a structural issue at the heart of crypto: it still struggles to generate stable, nonspeculative revenue despite years of growth, innovation and institutional acceptance. Crypto trading revenue is the lifeblood of platforms like Robinhood (as well as Coinbase , Gemini Space Station and Bullish – all of which will give their own financial updates in the coming weeks). But it's inherently unstable. …