Zaid

Bitcoin is down around 40% from its highs back in October.

Ethereum is down over 50%.

To make matters worse, the macro environment has been terrible.

You got wars in the Middle East, inflation fears, rising oil prices.

All of that pushes investors towards less risky assets.

So with crypto in a bear market, Robinhood saw crypto trading revenues fall 38% year over year in Q4.

Now, it's not all bad news for Robinhood.

Their options trading business actually jumped 41%, and they're seeing a lot of traction with prediction markets.

There were over 12 billion events contracts traded in 2025, and in January of 2026 alone, there were over 3.4 billion events contracts traded on Robinhood, which is a new record for the company.

Now, keep in mind, a ton of the prediction market volumes are just sports bets.

So Robinhood is kind of becoming a gambling app.

Not sure if that's smart long-term, but it is helping boost the revenue numbers in the short term.

Finally, let's talk about the worst performing stock in the S&P 500 for Q1.

It was Applovin.

The stock fell 41% in the first three months of the year.

Applovin is an advertising platform and a marketplace for mobile apps and games.

If you've ever played Candy Crush or another game on your phone, you might see these random ads pop up while you're playing.

Odds are Applovin was the one placing those ads.

Now, Applovin was one of the hottest stocks in 2025, with shares doubling off the backs of 70% revenue growth and profit growth of 111%.

But sentiment around the company has turned negative for a few reasons.