Cryptocurrency investors on the Robinhood platform are using the current market downturn as a buying opportunity to diversify their portfolios beyond just Bitcoin (BTC) and Ethereum (ETH), according to Johann Kerbrat, the head of crypto at Robinhood. In a recent interview, Kerbrat noted that while customers see the dip as a chance to buy, their trading activity has expanded to include "a wider range of assets" beyond the top two or three cryptocurrencies.
This shift in retail behavior coincides with continued institutional accumulation. MicroStrategy, referred to as the largest institutional Bitcoin bull, announced it purchased an additional 592 BTC last week for approximately $39.8 million, at an average price of $67,286 per coin. As of February 22, the company holds 717,722 BTC, acquired at an average price of $76,020 per coin, representing 3.4% of Bitcoin's total supply.
Similarly, BitMine, described as the largest institutional Ethereum bull, reported purchasing an additional 51,162 ETH last week. This brings its total Ethereum treasury to 4,422,659 ETH, valued at $1,958 per ETH, which constitutes approximately 3.66% of ETH's circulating supply. Tom Lee of BitMine stated the company finds "this pullback attractive given the strengthening fundamentals" and believes ETH's price does not reflect its "high use case potential and its role as the future of finance."
Kerbrat highlighted that Robinhood users are not just passively holding assets. Staking demand for ETH and Solana (SOL) on the platform has remained strong since the feature's launch in December 2023, signaling active on-chain use. This trend persists despite overall market sentiment being at "extreme levels of fear" and U.S. spot Bitcoin ETFs experiencing net outflows for several consecutive weeks. Bitcoin is currently trading around $68,000, slightly up on the day but down over the week.
